If union contracts raise wages above competitive levels, what might be one negative outcome?

Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equ

IrinaK [193]

Answer:

Transactions Innovative Consulting Co.

Journal Entries:

Date Account Titles and Explanation Debit Credit

Oct. 1: 51 Rent Expense $2,500

11 Cash $2,500

Oct. 4: 52 Advertising Expense $1,000

11 Cash $1,000

Oct. 5: 13 Supplies $1,800

11 Cash $1,800

Oct. 6: 14 Office Equipment $11,500

21 Accounts payable $11,500

Oct. 12: 11 Cash $7,500

12 Accounts Receivable $7,500

Oct. 20: 21 Accounts payable $2,700

11 Cash $2,700

Oct. 27: 54 Miscellaneous Expense $700

11 Cash $700

Oct. 30: 53 Utilities Expense $475

11 Cash $475

Oct. 31: 12 Accounts Receivable $42,400

41 Fees Earned $42,400

Oct. 31: 53 Utilities Expense $900

11 Cash $900

Oct. 31: 33 Dividends $1,500

11 Cash $1,500

Explanation:

a) Data and Calculations:

Oct. 1: 51 Rent Expense $2,500 11 Cash $2,500

Oct. 4: 52 Advertising Expense $1,000 11 Cash $1,000

Oct. 5: 13 Supplies $1,800 11 Cash $1,800

Oct. 6: 14 Office Equipment $11,500 21 Accounts payable $11,500

Oct. 12: 11 Cash $7,500 12 Accounts Receivable $7,500

Oct. 20: 21 Accounts payable $2,700 11 Cash $2,700

Oct. 27: 54 Miscellaneous Expense $700 11 Cash $700

Oct. 30: 53 Utilities Expense $475 11 Cash $475

Oct. 31: 12 Accounts Receivable $42,400 41 Fees Earned $42,400

Oct. 31: 53 Utilities Expense $900 11 Cash $900

Oct. 31: 33 Dividends $1,500 11 Cash $1,500

5 0

3 years ago

As the benefit of consuming more of a good falls with each additional unit, the price consumers are willing and able to pay also

eduard

As the benefit of consuming more of a good falls with each additional unit, the price consumers are willing and able to pay also falls with increased consumption. this scenario describes a downward-sloping demand curve

<h3>What is a Demand Curve?</h3>

This refers to the graph or pictorial representation that shows how the demand for a commodity or service varies with changes in its price.

Hence, we can see that As the benefit of consuming more of a good falls with each additional unit, the price consumers are willing and able to pay also falls with increased consumption. this scenario describes a downward-sloping demand curve

Read more about demand curve here:

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7 0

1 year ago

Infinity Clock Company prepared the following static budget for the year: Static Budget Units/Volume 5 comma 000 Per Unit Sale

aalyn [17]

Answer:

a) Operating income - $33,800

Explanation:

The flexible budget would be prepared for a different activity level of 6,300 production units but using the assumptions of the fixed budget

$

Sales revenue - ($7× 6,300 units ) : 44,100.00

Less Variable cost - ($1 × 6,300 units ) : ( 6,300)

Contribution 37,800

Less Fixed costs (4,000)

33,800

Note that the fixed costs of $4000 remains the same for both the static and flexible budgets. This is because the activity level of 6,300 units of the flexible budget remains within relevant range. So the fixed cost would not change.

4 0

3 years ago

When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when A. a customer’s accou

MaRussiya [10]

Answer:

Option D. management estimates the amount of uncollectibles

Explanation:

When the company estimates the bad debts, reflects it in the balance sheet through a Debit entry in the Bad Debt Expenses againts the asset account Allowance for Doubtful Accounts as a Credit.

When the bad debt are confirm as uncollectible the loss is reflected in the Account Receivable as a Credit with the correspondent debit entry in the Allowance for Doubtful Accounts.

7 0

3 years ago

Net exports are Multiple Choice exports plus imports. imports less exports. exports less imports. that portion of consumption an

sergij07 [2.7K]

Answer:

The correct answer is letter "C": exports less imports.

Explanation:

Net exports are the difference between exports and imports from a country. It is computed by subtracting the total export value of the country, with the total value of the imports. Net exports from a country take on a negative value or trade deficit if it imports more merchandise than it produces. If a nation imports less merchandise than it exports, a positive value or trade surplus results.

8 0

3 years ago

If union contracts raise wages above competitive levels, what might be one negative outcome?​

If union contracts raise wages above competitive levels, what might be one negative outcome?