If the demand for steak (a normal good) shifts to the left, the most likely reason is that consumer income has fallen.
<h3>What is a normal good?</h3>
Normal goods are goods that are goods whose demand increases when income increases and falls when income falls.
The demand curve shows the relationship between price and quantity demanded. A shift to the left of the demand curve indicates that demand has decreased.
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Answer:
Ernst Consulting
Balance Sheet
For the Month Ended October 31, 202x
Assets:
Cash $12,650
Accounts receivable $12,800
Office supplies $2,850
Office equipment $17,530
Land $45,940
Total assets $91,770
Liabilities and stockholders' equity:
Accounts payable $8,110
Common Stock $83,540
Retained earnings $120
Total liabilities and stockholders' equity $91,770
Explanation:
I ordered the accounts and included a couple that were missing:
- Cash 12,650
- Accounts receivable 12,800
- Consulting revenue 12,800
- office supplies 2,850
- Land 45,940
- office equipment 17,530
- Accounts payable 8,110
- Cash dividends 1,570
- Common Stock 83,540
- Rent expense 3,110
- Salaries expense 6,490
- Telephone expense 850
- Miscellaneous expenses 660
First we need to determine net profit for the month:
Consulting revenue 12,800
Salaries expense -6,490
Rent expense -3,110
Telephone expense -850
Miscellaneous expenses -660
net profit = $1,690
retained earnings = net profit - dividends distributed = $1,690 - $1,570 = $120
Explanation:
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