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4 years ago

Which of the following groups of accounts have a normal debit balance

Business

1 answer:

mr Goodwill [35]4 years ago

5 0

YOur answer is D.

A way to remember this is AWE. Assets, Withdrawals and Expenses all have normal debit balances

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Gomez runs a small pottery firm. He hires one helper at $13,000 per year, pays annual rent of $5,500 for his shop, and spends $2

alisha [4.7K]

Answer:

(a) $35,000

(b) $8,000

Explanation:

(a) Accounting profit:

= Total revenue - Explicit cost

= $75,000 - (wages + Annual rent + Material cost)

= $75,000 - ($13,000 + $5,500 + $21,500)

= $75,000 - $40,000

= $35,000

(b) Economic Profit:

= Total revenue - Explicit costs - Implicit costs

= $75,000 - (wages + Annual rent + Material cost) - (Income from investment + Earnings as a potter + Worth of entrepreneurial talents)

= $75,000 - ($13,000 + $5,500 + $21,500) - ($5,500 + $19,000 + $2,500)

= $75,000 - $40,000 - $27,000

= $8,000

8 0

4 years ago

the board of directors of kate's company recently hired an independent firm to review the state of the organization's security c

lesya [120]

<u>Audit</u> best describes this Engagement

A physical inventory check is followed by an auditor's review or inspection of various books of accounts to ensure that all departments are using the same documented procedure of documenting transactions. It's done to make sure the organization's financial accounts are accurate.

<h3><u>What does an audit have as its goal?</u></h3>

The goal of an audit is to make a conclusion regarding the financial statements' fairness and conformance to relevant accounting rules.
Payrolls, management accounts, bank statements, invoices, and receipts are a few examples of auditing proof..
Good auditing evidence must be ample, trustworthy, supplied from the right source, and pertinent to the audit at hand.

To Learn more Audit, Click the links.

brainly.com/question/14652228

brainly.com/question/22961626

#SPJ4

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2 years ago

I am trying to get more members on my blog. How do I do that?

Mekhanik [1.2K]

You can say something on social media

7 0

3 years ago

Read 2 more answers

Suppose the government has determined that the socially optimal quantity of chemical pollution is 175 million tons per day. One

enot [183]

Given this quantity of permits, the price for each permit in the market that the U.S government should charge for pollution rights will be <u>$45</u> as this ensures the socially optimal quantity of pollution, which could have been imposed as a tax.

<h3>What are pollution rights?</h3>

Pollution rights are the rights given to firms in an economy to buy and sell government-issued licenses or permits.

Pollution rights or permits grant the holders the right to create and release a certain amount of pollution that achieves the socially optimal quantity.

Thus, given the number of permits, the price for each permit in the market that the U.S government should charge for pollution rights will be <u>$45</u>.

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5 0

2 years ago

Shaan and Anita currently insure their cars with separate companies, paying $850 and $675 a year. If they insure both cars with

lana66690 [7]

Answer: $1,622.08

Explanation:

Currently both Shaan and Anita are cumulatively paying;

= 850 + 675

= $1,525

Their savings are;

= 1,525 * 10%

= $152.50

As this saving is fixed, it is an annuity. The future value over 8 years at 8% is;

Future Value of Annuity = Annuity * Future value annuity factor, 8 years, 8%

= 152.50 * 10.6366

= 1,622.0815‬

= $1,622.08

6 0

3 years ago