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ladessa [460]
3 years ago
11

Sherriane Baby Products’ salaries expense was $15.1 million. Required: What is the amount of cash Sherriane paid to employees du

ring the reporting period if its salaries payable increased by $5.7 million? Prepare a summary entry that represents the net effect of salaries expense incurred and paid during the reporting period.
Business
1 answer:
beks73 [17]3 years ago
6 0

Answer:

Summary entry is shown below

Explanation:

The preparation of the summary entry is shown below

Salary expense $15.1 million

     To Cash $9.4 million

     To Salary payable $5.7 million

(Being the salary expense is recorded)

Simply we debited the salary expense by $15.1 million as the expenses account is debited while on the other hand, the cash is paid for $9.4 million and the salary payable is credited for $5.7 million

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3 years ago
As a general rule, a profit-maximizing restaurant owner employs each factor of production up to the point at which the value of
Juliette [100K]

Answer:

A. last; equal to

Explanation:

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A profit maximising firm would produce up to a point where the marginal product of last factor enjoyed in equal to the factor's price.

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3 years ago
Which of the following describes the substitution effect of a price change?A) The change in demand that results from a change in
Liula [17]

Answer:

The answer is D. The change in quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power

Explanation:

Substitution effect is a concept in which, as the price of a good or service increases, less of the good or service is substituted for other less expensive.

For example, if the price of Pepsi were to rise, the substitution effect would cause the consumer to buy less of it and substitute more coca-cola for now relatively more expensive Pepsi.

Option A. is wrong because we are talking about the quantity demanded and not just demand. (Please take note).

6 0
3 years ago
Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS.
geniusboy [140]

Answer:

B. 60%

Explanation:

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3 0
3 years ago
A company has a $36 million portfolio with a beta of 1.2. The futures price for a contract on the S&P index is 900. Futures
Blizzard [7]

Answer:

Explanation:

A:

Number of contracts required:

= (0-1.2)×36,000,000÷(900×$250)

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Since negative value, short 192 contracts.

B:

= (0.9 - 1.2)×36,000,000÷(900×$250)

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C:

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Since positive value, long 48 contracts.

7 0
3 years ago
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