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krek1111 [17]
3 years ago
7

For a normal good, an increase in consumer income will cause the market demand for the product to:

Business
1 answer:
elixir [45]3 years ago
8 0

Answer:

d. increase, which is a shift to the right of the demand curve.

Explanation:

A rise in consumer's income increases the demand for a normal good. In other words, as people's income increase, the consumption of normal goods goes up. Consumers consider a normal good as a product or service with high utility value.

The demand curve shows the relationship between price and demand for a commodity. A change in price causes movement along the demand curve. When demand changes, the demand curves shift its position in the graph. The demand curve will shifts to the right if the demand increases.  A decrease in demand is when less of a commodity is ordered and causes the demand curve to shift inwards or to the left.

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This information relates to Sherper Co. 1. On April 5 purchased merchandise from Newport Company for $22,000, terms 2/10, n/10.
Feliz [49]

Answer:

April 5, purchased merchandise on account terms 2/10, n/10

Dr Merchandise inventory 22,000

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April 6, paid freight costs

Dr Merchandise inventory 900

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April 7, purchase equipment on account

Dr P, P & E - Equipment 26,000

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April 8, returned some merchandise (April 5th purchase)

Dr Accounts payable 2,000

    Cr Merchandise inventory 2,000

April 15, paid merchandise invoice

Dr Accounts payable 20,000

    Cr Cash 19,600

    Cr Purchase discounts 400

         or

May 4, paid merchandise invoice

Dr Accounts payable 20,000

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If the company pays the invoice on April 15th, it will get a 2% discount which must be recorded as a purchase discount.

5 0
3 years ago
Electrodo Co. purchased land for $55,000 with $20,000 paid in cash and $35,000 in notes payable. What effect does this transacti
Archy [21]

Answer:

(c). Net increase in assets of $35,000 and a net increase in liabilities of $35,000

Explanation:

Accrual basis of accounting attempts to record transactions as and when they arise and not on the basis of  when money is actually received or paid. Once a liability is certain, such a liability is provided for immediately.

The journal entry for purchase of Land partly by cash and partly for issuing a notes payable would be:

Land                                                  Dr. $55,000

     To Cash                                                          $20,000

     To Notes Payable                                           $35,000

(Being land purchased by payment of $20,000 in cash and a note being issued against the balance amount)

Land and cash are assets whereas Notes Payable is a liability.

So, the effect of the above transaction would be:

Net increase of $35,000 ( $ 55,000 - $ 20,000) as debit in fixed assets account increases their balance whereas cash being a real account, the rule being debit what comes in, credit what goes out. So credit in cash account would reduce the cash balance by $ 20,000.

Notes Payable account which is to be paid in future is a liability which shall increase the liabilities by $ 35,000.

So, the correct answer is (c), Net increase in assets of $35,000 and a net increase in liabilities of $35,000.  

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3 years ago
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daser333 [38]
<span>This would show that Will does not have a homothetic preference for hamburgers. Such preferences are shown to not be effected by income or scale, and since Will has changed his eating preferences based upon this new source of income, such a description would not fit this good.</span>
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<span>9.20 percent

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