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fomenos
3 years ago
15

Empirical estimates show that for men ____________________________. a) the income effect is greater than the substitution effect

b) the income and substitution effects are both large so that wage changes have no effect on hours c) the substitution effect is greater than the income effect d) the income and substitution effects are both small so that wage changes have no effect on hours
Business
1 answer:
disa [49]3 years ago
4 0

Answer:

a)- the income effect is greater than the subsitutuion effect

Explanation:

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The cost system best suited to industries that manufacture a large number of identical units of commodities on a continuous basi
ValentinkaMS [17]

Answer:

Process Costing

Explanation:

Process Costing allows so many units to be in production at the same time which are identical. The cost of each unit can be determined by calculating the average price using to total units produced.

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3 years ago
Job 593 was recently completed. The following data have been recorded on its job cost sheet:
Diano4ka-milaya [45]

Answer:

a.$6,705

Explanation:

The total cost is the sum of the three cost component, Direct materials, direct labours, and factory overhead.

Direct Labor Cost: 71 hours x $15 per hour = $ 1,065

Manufacturing Overhead: 175 machine hours x $14 per hour = $ 2,450

Direct Materials $ 3,190

Total cost: 1,065 + 2,450 + 3,190 = 6,705

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3 years ago
Identify which basic principle of accounting is best described in each item below.
adelina 88 [10]

Answer:

The Matching Principle

Explanation:

The Matching Principle of accounting holds that revenues should be matched with expenses. Hence the name.

This is to say, that revenues should only be recognized when the associated expenses with those revenues have been spent.

For example, in numeral a), we can see that Norfolk Southern Corporation recieved cash in advance, but it only recognized revenue once it had performed the services associated with that cash collection.

4 0
3 years ago
True or False: This indicates that there is excess capacity in the market for bats. True False Monopolistic competition may also
KonstantinChe [14]

Answer:

False

False

Explanation:

Monopolistic competition is a type of imperfect market where there are many seller competing with each other but with differentiated products. Monopolistic competition is socially inefficient. The product variety externality implies that there is too little entry of new firms in the market.

3 0
2 years ago
Ayala Architects incorporated as licensed architects on April 1, 2017. During the first month of the operation of the business,
ArbitrLikvidat [17]

Answer: (1) journal Total Dr $27,282, Cr $27,282 (2) cash Account Dr: Total $21,823, Cr Balance c /d $19,613 Total $21,823, salary payable Total Dr $381, Cr $381,Account receivable Account Dr :Total $1,929 Cr Total $1,929, salary expense Account Dr Total $ 1,524 Cr: $1,524, common stock Total Dr : $18,270 Cr: Total $18,270, Supplies Account Total Dr : $1,320, Cr $1,320, Account Payable Total Dr :$1,320, Cr :Total $1,320, service revenue Total Dr : $4,771, Total Cr : $4,771, unearned revenue Total Dr :$712, Total Cr :$711, (3) Trial Balance Total Dr $24,767, Total Cr : $24,767

Explanation:

(1) The journal entry for the transaction will be

Apr 1 Dr : Cash $18,270, Cr : common stock $18,270

Apr1 Dr: salary payable$381,Cr: cash $381

Apr 2 No entry required

Apr 3 Dr : supplies $1,320, Cr : Account payable $1,320

Apr 10 Dr Account Receivable $1,929, Cr : service revenue $1,929

Apr 11 Dr cash$ 711,Cr: unearned revenue$ 711

Apr 20 Dr: Cash $2,842, Cr : service revenue $2,842

Apr 30 Dr : $ Account Payable $305 Cr : Cash $305

(2) The T Account will be

Cash Account

Dr common stock $18,270, unearned revenue $711, service revenue $2,842

Cr : salary payable $381, salary expense $1,524, Account payable $305,Bal c/d $19,613 Total Dr $21,823, Cr : $21,823

Salary payable Account

Dr : cash $381,Cr: Balance c/d $381 Total Dr $381,Cr :$381

Account Receivable Account

Dr: service revenue $1,929, Cr: Balance c/d $1,929 Total Dr $1,929, Cr $1,929

Salary expense Account

Dr: salary expense $1,524, Cr Balance c/d $1,524, Total Dr $1,524,Cr $1,524

Common Stock

Dr : Balance c /d $18,270, Cr :Cash $18,270 Total Dr $18,270, Cr $18,270

Supplies Account

Dr: Account payable $1,320, Cr Balance c /d $1,320, Total Dr $1,320, Cr $1,320

Account Payable

Dr: Cash $305,Balance c/d $1,015, Cr supplies $1,320, Total Dr $1,320, Cr $1,320

Service Revenue Account

Dr Balance c /d $4,771 Cr : Account Receivable $1,929, cash $2,842, Total Dr $4,771, Cr $4,771

Unearned Revenue Account

Balance c/d $711, Cr cash $711, Total Dr $711,Cr $711

(3) The trial balance as on 30/04/2017

Dr: Cash $19,613, salary payable $381, supplies $1,320, Account Receivable $1,929, salary expense $1,524 Total $24,767

Cr : Common Stock $18,270, Account Payable $1,015, service revenue $4,771, unearned revenue $711 Total $24,767

6 0
3 years ago
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