Answer: debit to Product Warranty Expense for $750
Explanation: 5% of $15000 =
5 ÷ 100 × $15000 is $750.
This is an expense and so will be a debit.
Answer: c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.
Explanation:
Closing entries are the journal entries that are made at the end of an accounting period in order to be able to transfer temporary accounts to the permanent accounts.
The primary purpose of closing entries is to reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.
Therefore, the correct option is C.
Answer:
the Principle, PV on the mortgage was $68,086.64.
Explanation:
The Principle on the mortgage, PV is determined as follows :
FV = $124,000
N = 30 × 12 = 360
P/ yr = 12
PMT = $0
R = 2%
PV = ?
Using a Financial Calculator, the Principle, PV on the mortgage was $68,086.6399 or $68,086.64.
Answer:
first-mover advantage
Explanation:
First-mover advantage exists when making the initial move into a market allows a firm to establish a dominant position that other firms may struggle to overcome.
Recession make goods more expensive and the increased prices would cause demand for all consumer goods to decrease
