When the total expenses are greater than the total revenues, then the income summary account has a debit balance.
An income summary account is a temporary account in which the revenue and expenses closing entries are entered to find out the profit or loss.
In the income summary account, all the revenue account closing entries are credited, and all the expenses closing entries are on the debit side.
Thus, if the credit balance is more than the debit balance, it shows the profit and if the debit balance is more than the credit balance, it shows the loss.
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Answer and Explanation:
The Journal entry is shown below:-
Factory labor Dr, $480,000
To Factory wages payable $400,000
To Employee payroll taxes payable $80,000
(Being factory labor cost is recorded)
Here we debited the factory labor as it increased the expenses and we credited the factory wages payable and employee payroll taxes payable as it also increased the liabilities
Answer:
a)
P 175
Q = 250
Profit6,250
b)
P 325
Q = 875
Profit 153,125
c)
Q = 1200
P = 260
Profit = 287,000
Explanation:
It maximize profit at MR = MC
MR = 200 - 0.2Q
MC = 150
150 = 200-0.2Q
Q = 50/0.2 = Q = 250
Price:
250 = 2000 - 10P
P = 1750/10 = 175
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<u>Profit: revenue - cost</u>
$175 x 250 session - $150 per session = 6,250
<em>At new functions:</em>
150 = 500-0.4Q
Q = 350 / 0.4 = 875
Price:
875 = 2,500 - 5P
P = (2500-875)/5= 325
<u>Profit</u>
(325 - 150) * 875 = 153,125
<u>If cost changes:</u>
cost: 1000 + 20Q
marginal cost: 20
20 = 500 - 0.4Q
Q = 480 / 0.4 = 1,200
Price:
1,200 = 2500 - 5P
P = 1300/5 = 260
<u>Profit</u>
(260 - 20)Q - 1,000 = 287,000
Answer: Best prospects list
Explanation: The best prospects list is usually issued to potential exporters by the International Trade Organization which serves functions such as facilitating trade operations between countries by eliminating several trading issues such as negotiating and reducing trade tariff, regulating restrictive policies and also providing useful information necessary for successful trading to traders.
The provision of best prospects list offers firsthand information to potential traders about available and certified markets and distributor information which could facilitate ease of trading.
Answer:
A. Recent environmental research reveals that the dust from the limestone quarrying site has severely contaminated the water at a nearby lake.
Explanation:
The limestone production results in huge social effects like, noise pollution, soil pollution, which affects lives of people. And since the manufacturers or producers of limestone do not care about the social results of such production, they shall be liable to pay huge taxes.
As for this, the cause as stated in statement A is absolutely suitable.
Also the prices are more in this area even after so much of social destruction.
Accordingly high taxes as a penalty for such social destruction shall be charged.
