This is true. You can use the acronym FANBOYS to remember <span />
Answer: income effect of a price change.
Explanation: The income effect is known as the effect on real income when price changes, it can however be positive or negative. The income effect expresses the impact of increased purchasing power on consumption.
In this scenario, spending $10 for lunch, and you would like to purchase two cheeseburgers. When you get to the restaurant, you find out the price for cheeseburger has increased from $5 to $6, so you decide to purchase just one cheeseburger, this scenario best illustrates the income effect of a price change.
Answer: Wages account debit
Wages payable account credit
Explanation:
Sdjusting entries are simply referred to as the journal entries that are made when the accounting period ends such that there is allocation of the income and the expenditure incurred by the economic agent to the period in which the income and the expenditure occurred.
In this case, the adjusting journal entry passed by the accountant will be to debit the wages account by $1500 and then credit the wages payable account by $1500.
Answer:
the market value of the property is $628,300
Explanation:
The computation of the market value of the property is shown below;
Gross rent $10,000 × 12= $120,000
Now
= $120,000 × .92 (occupancy rate)
= $110,400
After that
= $110,400 - $47,570
= $62,830
And ,finally the market value of the property is
= $62,830 ÷ 0.10
= $628,300
hence, the market value of the property is $628,300
Answer:
The begining cash balance = $4100
Explanation:
Given:
Cash receipts = $7900, Cash disbursements = $ 9400, Ending cash balance = $2600.
<u>To find out the cash balance at the begining of the month, the following is to be used </u>
Begining Cash balance = Ending cash balance + cash disbursements - cash receipts
Putting the given figures in this we get,
Begining Cash balance = $2600 + $9400 - $7900
= $4100
