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bulgar [2K]
3 years ago
14

A debit may signify a(n) a. decrease in a liability account b. decrease in an asset account c. increase in the retained earnings

account d. decrease in the dividends account
Business
1 answer:
In-s [12.5K]3 years ago
6 0

Answer:

a. decrease in a liability account

Explanation:

A debit account records the expenses, losses and the assets account whereas the credit account records the revenues, gains, and the liabilities & stockholder equity

The liabilities have a credit balance. If there is a decrease in a liability account the balance of liabilities account would be shown on the debit side

Therefore, the correct option is a.

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Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man
WARRIOR [948]

Answer:

Date      Account Title         Debit        Credit

Feb 13    Cash                 $10,975  

                  Sales                                  $10,000

            Sales Tax Payable          $975

             (10000 * 9.75%)

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A lifestyle that minimizes avoidable frustrations could particularly benefit a person who is predisposed to higher levels of str
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Answer:

Type A behaviour pattern.

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3 years ago
g You will be receiving cash flows of: $2,000 today, $3,000 at end of year 1, $5,000 at end of year 3, and $7,000 at end of year
enot [183]

Answer:

The present value of the cashflows will be $12830.30

Explanation:

The present value of the cashflows can be calculated by dividing the cash flows by the appropriate discount rate and for the appropriate time period.

The present value of the given cash flows will be,

Present Value = CF1 / (1+r) + CF2 / (1+r)^2 + .... + CFn / (1+r)^n

As the first payment is received today, it will already be in the present value so it will not be discounted.

Present value = 2000 + 3000 /  (1+0.1) + 5000 / (1+0.1)^3 + 7000 / (1+0.1)^5

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5 0
3 years ago
Read 2 more answers
_______ property is an ownership fence, which applies to resources like land that more than one individual owns jointly.
OverLord2011 [107]

Answer:

Common

Explanation:

6 0
2 years ago
Jackson Co. began the year with $20,000 in inventory. During the year, the company purchased $80,000 worth of inventory. At the
Irina-Kira [14]

Answer:

The total cost of goods sold  = $70,000

Explanation:

Given:

Initial inventory at the start of the year for Jackson Co. = $20,000

Total cost of purchases made during the year = $80,000

Inventory remaining at the end of the year = $30,000

Solution:

Total inventory for Jackson Co. during the year = \$20,000+\$80000= \$100,000

Inventory remaining at the end of the year = $30,000

The cost of the goods sold can be calculated by subtracting the remaining  inventory from the total inventory.

Thus, cost of goods sold can be given as :

⇒ \$100,000-\$30,000

⇒  \$70,000

The total cost of goods sold  = $70,000

8 0
3 years ago
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