Answer:
Yes
Explanation:
Making profit is a good thing because Profit equals a company's revenues minus expenses. Earning a profit is important to a small business because profitability impacts whether a company can secure financing from a bank, attract investors to fund its operations and grow its business. Companies cannot remain in business without turning a profit.
Answer:
debit Salaries and Wages Expense, $24,000; credit Salaries and Wages Payable, $24,000.
Explanation:
The journal entry is shown below:
Salaries and Wages Expense A/c Dr $24,000
To Salaries and Wages Payable $24,000
(Being salary and wages is adjusted)
The computation is shown below:
Five day salary = $30,000
Per day salary = $30,000 ÷ 5 days = $6,000
Now Monday to Thursday salary i.e 4 days salary = $6,000 × 4 days = $24,000
Answer:
a. Due to increases in hay prices, an input for raising cattle, the price of a gallon of 2% milk increases from $2.98 to $3.25. QUANTITY DEMANDED DECREASES, as the price of a good or service increases, the quantity demanded decreases.
b. Groupon has a Groupon for $6 off the price of laser tag. QUANTITY DEMANDED INCREASES, as the price of a good or service decreases, the quantity demanded increases.
c. Sharp increase in the price of wood causes increases in prices for dressers and desks. QUANTITY DEMANDED DECREASES, if the price of a key input increases, the production costs will increase, resulting in a higher selling price ⇒ lower quantity demanded.
d. Week long special at the grocery store, where pork shoulder is on sale at $1.99 a pound, down from $3.99 a pound. QUANTITY DEMANDED INCREASES, as the price of a good or service decreases, the quantity demanded increases.
e. Buy one get one free special for MP3 albums on Amazon. QUANTITY DEMANDED INCREASES, the buy one get one free promotion lowers the price of a good or service, resulting in higher quantity demanded.
Answer:
b. Useful to capital providers.
Explanation:
Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.
The objective of financial reporting include all of the following to provide information that:
1. Is useful to those making investment decisions. This information would help creditors to determine whether they should lend to a client or not; or assist investors in deciding whether they should invest in a business or not.
2. Is useful to those lending out money to business entities. When investors and creditors are well furnished with financial information about an organization, they would be able to assess the amounts of cash, timing, and uncertainty of cash flows from dividends or interest.
3. Is useful to creditors in making decisions about providing resources to business entities.
<em>Hence, the primary objective of financial reporting is to provide information useful to capital providers.</em>
Additionally, financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining financial accounting and reporting standards for general guidance of individuals or capital providers such as investors, issuers and auditors.
Answer:
sunk costs
I'm assuming this is multiple choice, but since you haven't provided any of the options I dont know if this will be correct.
Explanation:
