1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
DerKrebs [107]
3 years ago
6

Which of the following statements is correct? Group of answer choices The normal balance of revenue is a debit. The normal balan

ce of dividends is a credit. The normal balance of cash is a credit. The normal balance of liabilities is a credit.
Business
1 answer:
kaheart [24]3 years ago
5 0

Answer:

The normal balance of liabilities is a credit.

Explanation:

In the double entry system one account must be debited in order for the other to be credited.

There are different balances for each account. For the accounts with normal credit balance a credit causes it to increase while a debit decreases it.

For accounts with negative balance a credit reduces its balance while a debit increases its balance.

- Asset: Debit

- Expense: Debit

- Dividends: Debit

- Liability: Credit

- Owner’s Equity: Credit

- Revenue: Credit

- Retained Earnings: Credit

Liabilities are debt owed by a business. When payment is given out to settle a debt (a debit) it reduces to amount a business owes.

If more loans are collected (a credit) the liability figure increases.

So liability has a normal credit balance

You might be interested in
Tim is trying to compute how many salespeople his business needs for the upcoming year. He wants his salesforce to call on each
Vinvika [58]

Answer:

Tim's business should have 50 sales person

Explanation:

Number of customers = 1,000 customers

Call frequesncy to each = 50 times

Average Length of call = 2 hours

Average sales persons time = 2,000 hours per year

Total Time  = Customers x Average time per call x Call frequesncy

Total Time  = 1,000 x 2 x 50 = 100,000 hours per year

Number of Sales people required = Total time / Average time per sales person = 100,000 / 2,000 = 50 sales person

4 0
3 years ago
Read 2 more answers
In its 20X3 financial statements, Cris Co. reported interest expense of $85,000 in its income statement and cash paid for intere
IgorLugansk [536]

Answer:

The answer is: D) $32,000

Explanation:

In 20x3, Cris. Co. paid in cash $68,000 for interest, including $15,000 of interest from 20x2.

The amount of cash paid for 20x3 interests = $68,000 - $15,000 = $53,000

Interest payable = interest expense 20x3 - cash paid for 20x3 interests

interest payable = $85,000 - $53,000 = $32,000

3 0
3 years ago
If a company is eliminating certain models of a product and cutting back on expenditures, the product is most likely in the ____
Airida [17]
I would have to say decline
4 0
3 years ago
The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end,
nydimaria [60]

Answer: $186,000

Explanation:

January is the 2nd month from November which means that all of November's $31,000 will be collected in January.

January is the first month after December so 30% of December sales should be collected in January. 50% has already been collected in December and this left $50,000.

Total credit sales in December must have been:

= 50,000 / 50%

= $100,000

Amount to be collected in January for December:

= 100,000 * 30%

= $30,000

Amount to be collected from January credit sales:

= 50% * 150,000

= $75,000

January cash sales = $50,000

Total cash in January :

= 31,000 + 30,000 + 75,000 + 50,000

= $186,000

4 0
3 years ago
If Net Sales at​ Sassy's Sweet Factory increased from​ $37,000 to​ $58,000 and its cost of goods sold increased from​ $17,000 to
solong [7]

Answer:

The vertical analysis based on net sales would show 45.94% and 74.13% for cost of goods​ sold.

Explanation:

Vertical Analysis: The vertical analysis does the analysis of the financial statements which is based on the sales value.

In mathematically,

Vertical Analysis = Financial Statement item ÷ sales value × 100

So,

For the cost of good sold. the vertical analysis would be:

For the Latest amount of cost of good sold:

= Latest amount of cost of goods sold ÷ Latest sales value × 100

= $17,000 ÷ $37,000 × 100

= 45.94%

For the updated amount of cost of goods sold:

= updated amount of cost of goods sold ÷ updated sales value × 100

= $43,000 ÷ $58,000 × 100

= 74.13%

Hence, the vertical analysis based on net sales would show 45.94% and 74.13% for the cost of goods​ sold.

6 0
3 years ago
Other questions:
  • This is a text message that is stored on a user's computer by a Web server that helps trace the user's browsing habits.a) Script
    14·1 answer
  • In the united states, federal taxes are due on which day
    13·1 answer
  • What would happen to the equilibrium price and quantity of lattés if coffee shops began using a machine that reduced the amount
    11·1 answer
  • Mocha Company earned net income of $ 105,000 during the year ended December ​31, 2018. On December ​15, Mocha declared the annua
    10·1 answer
  • Seeking positions of power and responsibility, chandra has rapidly moved up the ranks within her organization. colleagues descri
    14·1 answer
  • Construction managers can be salaried employees or work for___________.
    13·1 answer
  • Trade promotions are sales promotion activities that are targeted for manufacturers, wholesalers, and retailers.
    14·1 answer
  • Hester operates a hand car wash service and charges customers $10 per car wash. Based on her knowledge of operations, the 100th
    9·1 answer
  • Why is it that restaurants have been so slow in adopting analytics
    8·1 answer
  • A marketer of automobiles wants to introduce a new model using a message
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!