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noname [10]
3 years ago
6

What are the three components of a basic accounting equation? Should a basic accounting formula balance at all times ? If yes ex

plain the reason if it does not balance what does this mean
Business
1 answer:
Kamila [148]3 years ago
7 0
The formula is: Assets = Liabilities + Shareholders' Equity. The three components of the basic accounting formula are: Assets. These are the tangible and intangible assets of a business, such as cash, accounts receivable, inventory, and fixed assets
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For each example, determine how the market for the good in the bolded text will respond to the described change.
Slav-nsk [51]

Answer:

a. Due to increases in hay prices, an input for raising cattle, the price of a gallon of 2% milk increases from $2.98 to $3.25.  QUANTITY DEMANDED DECREASES, as the price of a good or service increases, the quantity demanded decreases.

b. Groupon has a Groupon for $6 off the price of laser tag.  QUANTITY DEMANDED INCREASES, as the price of a good or service decreases, the quantity demanded increases.

c. Sharp increase in the price of wood causes increases in prices for dressers and desks.  QUANTITY DEMANDED DECREASES, if the price of a key input increases, the production costs will increase, resulting in a higher selling price ⇒ lower quantity demanded.

d. Week long special at the grocery store, where pork shoulder is on sale at $1.99 a pound, down from $3.99 a pound.  QUANTITY DEMANDED INCREASES, as the price of a good or service decreases, the quantity demanded increases.

e. Buy one get one free special for MP3 albums on Amazon. QUANTITY DEMANDED INCREASES, the buy one get one free promotion lowers the price of a good or service, resulting in higher quantity demanded.

7 0
3 years ago
You are compiling Bertram Boat’s balance sheet. According to your calculations, Bertram has current assets of $85,000 and proper
iragen [17]

Answer:

$318,000

Explanation:

The computation of the total assets is shown below:

= Current assets +  property, plant, and equipment - difference in amount

= $85,000 + $235,000 - $2,000

= $318,000

The difference of amount is

= Account receivable - collected amount

= $50,000 - $48,000

= $2,000

Since the current asset is already given so we considered the difference in amount to find out the total asset.

3 0
3 years ago
In producing product AA, 6,300 pounds of direct materials were used at a cost of $1.10 per pound. The standard was 6,000 pounds
abruzzese [7]

Answer:

300 A

Explanation:

(SQ - AQ) SP

(6000 - 6300)1

300 A

It means that actual quantity produced is worse than expected quantity.

5 0
3 years ago
On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in ex- change for 12,500 shares of $25 pa
Georgia [21]

Answer:

Journal Entry to be recorded

DR.    Land                                           $475,000

                 Cr.     Common stock                          $312,500

                 Cr.     Add-in-capital common stock  $162,500

Explanation:

Number of Shares = 12,500 shares

Share Market price = $38

Share Par Value = $25

Total value of property to be recorded= 12,500 x $38 = $475,000

Common stock value at par = 12,500 x $25 = $312,500

Add-in-Capital common stock value = $475,000 - $312,500 = $162,500

Property will be recorded as the total value of exchange which is $475,000. On other other hand the common stock value will be recorded in two parts common stock at par value and add-in-capital common stock over par value.

7 0
3 years ago
Marcus, a manager at Royal Memphis Hotel, is training a new group of employees. After each training session, the employees compl
dybincka [34]

Answer:

feedback

Explanation:

Based on the information provided within the question it can be said that Marcus is providing his employees with feedback. This refers to information given to an individual regarding their performance, and is done in order to help that individual realize what they are doing wrong and how they can improve their performance. Which is exactly what Marcus is doing with his employees.

4 0
3 years ago
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