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soldier1979 [14.2K]
3 years ago
13

prince is curently consuming some of good X and some of good Y. If good Y is a normal good for Prince, then an increase in his i

ncome will definitely cause him to a. increase his consumption of X 13. b. increase his consumption of Y. 14 c. decrease his consumption of X 15 d. decrease his consumption of Y
Business
1 answer:
cricket20 [7]3 years ago
4 0

Answer:

b. increase his consumption of Y.

Explanation:

A normal good is a good whose demand increases when income rises and falls when income falls.

If good Y is a normal good, Prince would increases its consumption when income rises.

I hope my answer helps you

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Which sentence best describes how money functions as a “store of value”?
pashok25 [27]
You can exchange money for goods and services.
5 0
3 years ago
Read 2 more answers
In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and understated ending inventor
Rina8888 [55]

Answer:

a. Overstates Year 1 cost of goods sold.

b. Understates Year 1 net income

c. Understates Year 2 cost of goods sold

Explanation:

a. The formula for Calculating the Cost of Goods sold is;

<em>Cost of Goods Sold = Opening inventory + Purchases - Closing inventory.</em>

If the closing inventory is understated, it will reduced the amount being subtracted from Purchases and Opening inventory which would means that Cost of Goods sold will be overstated.

b. The Cost of goods sold is deducted from sales to give Gross profit. If Cost of goods is overstated, it will reduce Gross Profit higher than it should. A lower Gross Profit equates to a lower Net Income.

c. Going by the formula in <em>a;</em>

<em>Cost of Goods Sold = Opening inventory + Purchases - Closing inventory.</em>

In Year 2, the understated Year 1 closing stock will become the understated Year 2 Opening stock. With the opening stock understated, the Cost of goods will be understated as well because Opening stock is meant to increase Cost of goods sold as the formula shows. If it is understated, the amount that it will add will be understated as well.

4 0
3 years ago
Holly's is currently an all-equity firm that has 12,000 shares of stock outstanding at a market price of $36 a share. The firm h
vagabundo [1.1K]

Answer:

$31,104

Explanation:

EBIT / 12,000

= [EBIT - ($120,000 × .072)] / [12,000 - ($120,000 / $36)]

EBIT = $31,104

Therefore the minimum level of earnings before interest and taxes that the firm is expecting will be $31,104

8 0
3 years ago
Splish Company purchased a computer for $9,920 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life an
BartSMP [9]

Answer:

$2914

Explanation:

The following steps would be taken to determine the answer

1. Calculate depreciation expense given the initial information  

2. calculate the accumulated depreciation by the second year. Accumulated depreciation is sum of depreciation expense

3. subtract the accumulated depreciation from the cost price of the asset. This would give the book value  

4. calculate the depreciation expense using the new information and the book value

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

($9,920 - $1240) / 5 =  $1736

Accumulated depreciation = 1736 x 2 = $3472

Book value at the beginning of 2021 = 9920 - 3472 = $6448

Depreciation expense in 2021 = (6448 - 620) / 2 = $2914

5 0
3 years ago
Grouper Corp. retires its $640000 face value bonds at 105 on January 1, following the payment of annual interest. The carrying v
AleksAgata [21]

Answer:

Explanation:

The journal entry is shown below:

Bonds payable A/c Dr $640,000

Premium on bonds payable A/c Dr $23,970

Loss on bonds redemption A/c $8,030

         To Cash A/c $672,000                     ($640,000 × 1.05)

(Being the redemption of bond is recorded and the remaining balance is debited to the Loss on bonds redemption account)

The Premium on bonds payable is computed below:

= Carrying value of the bonds - face value of the bond

= $663,970 - $640,000

= $23,970

4 0
3 years ago
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