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luda_lava [24]
3 years ago
12

CAN SOMEONE HELP ME PLEASE?!

Business
1 answer:
Alenkinab [10]3 years ago
6 0

Answer: The free enterprise economy seeks to maintain economic freedom. As mentioned earlier, the goal is for businesses to be able to make their own decisions with little government interference. Efficiency - The goal of efficiency is to make the best use of the resources that are available.

You might be interested in
Which of the following statements is true of break-even point?
Misha Larkins [42]

Answer:

D) It helps managers exercise control after the product has been created and is ready for marketing.

Explanation:

Break-even point is the point where the total cost matches the total revenue,it is helpful to managers in order to control the business,it helps them to know when to implement certain changes or favorable incentives for improved sales and overall revenue.

It is calculated by dividing the total fixed cost/total revenue for one unit minus the variable cost for one unit.

It helps managers to control the profit margins in a given product,and also know the impact of changes to total revenue or profit when a process is Automated.

6 0
3 years ago
At March 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an ex
babymother [125]

Answer:

A and B

Explanation:

A) income statement

insurance expense-understand net income-overstated

B) balance sheet

prepaid insurance -overstated stockholders equity -overstated

6 0
3 years ago
In the Excel, or spreadsheet, approach to recording financial transactions, if manufacturing overhead is underapplied by X dolla
Tatiana [17]

Answer:

False.

Explanation:

To close the underapplied Manufacturing Overhead account requires that the Cost of Goods Sold is debited, say with $100 while the Manufacturing Overhead account is credited with the same amount.  Underapplied Manufacturing Overhead account means that a debit balance is left after applying the overhead to production.  To close this debit, therefore, a credit entry is required to the manufacturing overhead account.  The corresponding debit entry goes to the Cost of Goods Sold, or this may be apportioned among Cost of Goods Sold, Finished Goods Inventory, and Work-in-Process, as may be the case.

5 0
3 years ago
During the taking of its physical inventory on August 31, 2019, Kate Interiors Company incorrectly counted its inventory as $366
soldier1979 [14.2K]

Answer:

Balance sheet

Inventory - Understatement by $11,600

Owners equity - Understatement by $11,600

Income statement

Cost of goods sold - Overstatement by $11,600

Net income - Understatement by $11,600

Explanation:

The movement in an inventory account which is the difference between the opening and ending balances is a function of the purchases and the sales during the period.

This is captured in the equation below

Opening balance + purchases - cost of goods sold = ending balance

Hence an understatement of the ending balance would result in an overstatement of the cost of goods sold thus an understatement of the net income (and owner's equity).

The understatement in closing inventory balance is

= $378,500 - $366,900

= $11,600.

3 0
3 years ago
Gill company calculated equipment depreciation for the month of $500. the necessary adjusting entry will include a:_________
sesenic [268]

Gill company calculated equipment depreciation for the month of $500. The necessary adjusting entry will include a credit to accumulated depreciation, and debit to depreciation expense.

The basic journal entry for depreciation is to debit the depreciation expense account and credit the accumulated depreciation account. Depreciation expense is recorded on the income statement as an expense or debit, reducing net income.

On the other hand, accumulated depreciation is not recorded separately on the balance sheet. Instead, it is recorded in a contra asset account as a credit, by reducing the value of fixed assets.

Hence, the entry will include a credit to accumulated depreciation, and debit to depreciation expense.

To learn more about depreciation here:

brainly.com/question/28139636

#SPJ4

7 0
1 year ago
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