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Sergio039 [100]
3 years ago
7

When preparing a journal entry for a transaction that affects retained earnings, the "Retained Earnings" account should not be d

ebited or credited. Instead, the account which ultimately affects retained earnings should be debited or credited.True / False.
Business
1 answer:
yarga [219]3 years ago
4 0

Answer:

True

Explanation:

Retained earnings are the net earnings of an entity accumulated over time after payment of dividend. It is that part of earnings that is retain for expansion by the entity.

Generally, retained earnings are not changed by direct posting except it is prior year adjustment. in some entities, the amount that is transferred to retained earnings is system generated. Most transactions that affect retained earnings are debited or credited to account which ultimately affects retained earnings

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In 1-2 sentences, explain why scarcity exists.
prohojiy [21]
Scarcity refers to a state of being in short supply.

Scarcity exists because distribution of resources is unequal. Majority of the people tend to get more than they need in preparation for future uses. They did not take into consideration that other people also need the items they have stocked up on. This results to unequal distribution of resources. Those who had first access to the goods have more than they need while those who came last have goods that is not enough to sustain their needs. They are the ones experiencing scarcity.

3 0
3 years ago
True or False:
kramer

Explanation:

22

3 25

6 15

a. Determine which variable is the dependent variable.

b. Compute the least squares estimated line.

c. Compute the coefficient of determination. How would you interpret this value

5 0
3 years ago
6. On Friday, Billy mails Andrew an offer, which Andrew receives on Monday. On Tuesday, Billy mails Andrew a revocation, which A
kifflom [539]

Answer:

A contract was formed when Andrew mailed his acceptance on Wednesday.

Explanation:

A contract is formed only if the parties intend to be legally bound by their promises and have clearly agreed on what those promises are. This is known as a meeting of the minds. The court will look for certain elements to determine whether a valid contract has been made. These are offer, acceptance, and consideration

7 0
3 years ago
What happens after the irs accepts your tax return?.
Mandarinka [93]

Answer:

First, they "stamp" the return with an electronic postmark, and then they will send it to the government.

Then you both wait 24 to 48 hours for the IRS to accept your return.

What are they doing? They are checking your personal information to make sure it matches their records.

If everything looks good, the IRS accepts your return.

Hope this helps..

4 0
3 years ago
An insured dies within the time limit of an Increasing Term Rider and the beneficiary receives the face amount plus the value of
raketka [301]

Answer:

The correct answer is B

Explanation:

Return of premium rider is the kind of policy where the add on that returns, the premiums paid if the insured person or outlives the terms and the conditions of the policy.

So, in this case, Insured person dies within the time period, and the beneficiary received the face amount and in addition all the premiums paid. It is the return of premium which is linked with the policy.

5 0
3 years ago
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