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3 years ago

The return of merchandise was recorded as a debit to accounts payable and a credit to purchases. This error would cause

Business

1 answer:

elena-s [515]3 years ago

4 0

Answer:

D. None of the above

Explanation:

Proper double entry bookkeeping requires that there must always be an offsetting debit and credit for all entries made into the general ledger. To record accounts payable, the accountant credits accounts payable when the bill or invoice is received. The debit offset for this entry is typically to an expense account for the good or service that was purchased on credit. The debit could also be to an asset account if the item purchased was a capitalizable asset. When the bill is paid, the accountant debits accounts payable to decrease the liability balance. The offsetting credit is made to the cash account, which also decreases the cash balance.

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We can say that the allocation of resources is efficient if

Leto [7]

Answer: C) total surplus is maximized.

Explanation:

Total surplus refers to the sum of both the producer and the consumer surplus.

When allocation of resources is efficient, it means that the total surplus is maximised because the price that is being charged is the same as the equilibrium price that is required.

At this point, all participants in the market will be better off which means both producers and consumers will be better off.

6 0

3 years ago

Which of the following statements is correct concerning product costs? A. Product costs are shown with current liabilities on t

Brut [27]

Answer: D. Product costs are expensed in the period the related product is sold

Explanation:

The statement that is true with regards to product cost is that product costs are expensed in the period the related product is sold.

It should be noted that the account for the cost of goods sold consist of product cost. In a situation whereby goods are not sold, the goods will be carried to the next period.

5 0

3 years ago

What is the maximum amount you would pay for an asset that generates an income of $250,000 at the end of each of five years, if

Serggg [28]

250,000/1.08 + 250,000/1.08^2 + 250,000/1.08^3 + 250,000/1.08^4 + 250,000/1.08^5 = $998,177.51 is the correct answer

<h3>What is an asset?</h3>

An asset is a resource having economic worth that a person, organization, or nation owns or manages with the hope that it may someday be useful.

The balance sheet of a business lists assets. They are divided into four categories: tangible, financial, fixed, and current. They are acquired or produced in order to raise a company's value or improve the operations of the company.

Whether it's manufacturing equipment or a patent, an asset can be viewed of as anything that, in the future, can generate cash flow, lower expenses, or increase sales.

An asset is anything that can increase sales, lower costs, or generate cash flow, whether it be a patent or manufacturing equipment.

To learn more about asset, visit:

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3 0

1 year ago

Design a study that has a false correlation caused by a lurking variable.

Artemon [7]

An example of a study that has a false correlation caused by a lurking variable is " research scientist examines the influence of diet and exercise on a an individual's blood pressure."

<h3>What is a lurking variable in a study?</h3>

Lurking variable is known to be a kind of a variable that is said not be the explanatory variable nor can it be called the response variable but it is one that is seen to have a relationship (e.g. correlation) with the response and that of the explanatory variable.

Note that A lurking variable is one that can be falsely identify as a strong relationship that exist between variables or it is one that often hide the true relationship.

Hence, An example of a study that has a false correlation caused by a lurking variable is " research scientist examines the influence of diet and exercise on a an individual's blood pressure."

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4 0

11 months ago

The incomes of all families in a particular suburb can be represented by a continuous random variable. It is known that the medi

liberstina [14]

Answer:

a) 0.10 or 10%

b) 0.5417 or 54.17%

Explanation:

a) The median income of $60,000 is at the 50th percentile of the distribution. If 40% if incomes are above $72,000, then an income of $72,000 is at the 60th percentile of the distribution. Therefore, the probability that a family's income will be between $60,000 and $72,000 is:

$P( \$60,000 \leq X \leq \$72,000)=0.6-0.5\\P( \$60,000 \leq X \leq \$72,000)=0.1 = 10\%$

b) If the distribution is known to be uniform, the probability that a random chosen family has an income below $65,000 is:

$P( X \leq \$65,000)=0.5+\frac{65,000-60,000}{72,000-60,000}*0.1\\ P( X \leq \$65,000)=0.5417 =54.17\%$

7 0

3 years ago