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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

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The right answer for the question that is being asked and shown above is that: "corporate bonds."The cash flows for a perpetuity continue into the future indefinitely. An example of a perpetuity is: <span>corporate bonds</span>
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Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the fo
vekshin1

Answer:

Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $12.50.

Wage           Labor Demanded            Labor Supplied

$12.50               375,000                           625,000

This will result in a surplus of labor (625,000 higher than 375,000)

Which of the following statements are true?

  • Binding minimum wages cause structural unemployment.  As with all price floors, a deadweight loss results, because the quantity supplied is much greater than the quantity demanded. In this case, the price of labor is the wage, and the deadweight loss = structural unemployment
  • In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium. Since a labor surplus exists, the price of labor should start to decrease in order to match the equilibrium price.
  • If the minimum wage is set at $12.50, the market will not reach equilibrium. The quantity supplied of labor is much greater than the quantity demanded for labor resulting in a surplus.

6 0
3 years ago
âas an individual consumes more of a given good or service, the marginal utility of that good to the consumer likely:
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Answer:  " DECREASES" .___________________________________
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3 years ago
Give two examples of mandatory payroll deductions
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Answer:

Payroll deductions include: Payroll tax withholdings such as fedral, state, and local income taxes, social security taxes, unemployment taxes; Voluntary deductions such as contributions to a pension plan, premium for group life.

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3 years ago
Chuck Wagon Grills, Inc., makes a single product—a handmade specialty barbecue grill that it sells for $215. Data for last year’
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Answer:

Instructions are listed below

Explanation:

Giving the following information:

Selling price= $215

Units in beginning inventory 0

Units produced 9,800

Units sold 9,300

Units in ending inventory 500

Variable costs per unit:

Direct materials $ 61

Direct labor 33

Variable manufacturing overhead 10

Variable selling and administrative 15

Total variable cost per unit $ 119

Fixed costs:

Fixed manufacturing overhead $ 274,400

Fixed selling and administrative 510,000

Total fixed costs $ 784,400

Absorption costing includes fixed manufacturing overhead in the cost per unit.

A) Unitary fixed manufacturing overhead= 274,400/9800 units= $28

Unitary cost= Direct materials + Direct labor + Variable manufacturing overhead + fixed manufacturing overhead

Unitary cost= 61 + 33 + 10 + 28= $132

B) Income statement:

Sales= 9300*215= $1,999,500

COGS= 132*9300=$1,227,600

Gross profit= $771,900

Total selling and administrative expense= 510,000 + 15*9300= 649,500

Net operating income= $122,400

4 0
3 years ago
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