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Paha777 [63]
3 years ago
14

Daube Company's operations for the month of July are summarized as follows: Provided $8,600 of services on account. Received $3,

800 cash from customers for services provided in July. Received $1,100 cash for services to be provided in August. Received $5,100 cash from customers on account for services provided in June. Paid June’s warehouse rental bill on account in the amount of $1,200. Received July’s warehouse rental bill of $1,300; set it aside to be recorded at a later date. Required: Determine the net income for July using the cash basis of accounting. Determine the net income for July using the accrual basis of accounting.
Business
1 answer:
Norma-Jean [14]3 years ago
8 0

Answer: See explanation

Explanation:

a. Determine the net income for July using the cash basis of accounting.

Revenue = $3800 + $1100 + $5100 = $10000

Less: Expense = $1200

Net Income = $10000 - $1200 = $8800

b. Determine the net income for July using the accrual basis of accounting.

Revenue = $8600 + $3800 = $12400

Less: Expense = $1300

Net income = $12400 - $1300 = $11100

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e. Which of the following statements is true? Deflation means that the price level is falling, whereas with inflation the inflat
s2008m [1.1K]

Answer:

The answer to this question is option B. Deflation means that the price level is failing, whereas with inflation overall prices are rising

Explanation:

Inflation is an increase in the general prices of goods and services in an economy on the other hand, deflation is the general decline in prices for goods and services, indicated by an inflation rate that falls below zero percent.

Hence the answer is option B. Deflation means that the price level is failing, whereas with inflation overall prices are rising

7 0
3 years ago
Read 2 more answers
Skymont Company wants an ending inventory each month equal to 30% of that month's cost of goods sold. Cost of goods sold for Feb
Law Incorporation [45]

Answer:

Purchases for February would be: $46,500

Explanation:

Prepare a Purchases Budget to find the Purchases for February.

<u>Purchases Budget for February</u>

Budgeted Cost of Sales                                                    $45,000

Add Budgeted Closing Inventory ($45,000 × 30%)         $13,500

                                                                                           $58,500

Less Budgeted Opening Inventory                                 ($12,000)

Budgeted Purchases                                                         $46,500

5 0
3 years ago
Increases in the minimum wage are intended to raise the incomes of low-income workers. Many economists favor a different policy
Stels [109]

Answer:

The Earned Income credit

Explanation:

Many economists choose the earned income credit (EIC) over the increase in minimum wage because it avoids deadweight losses. Deadweight losses results when supply are demand are not in equilibrium (Market Inefficiency). Increases in minimum wages invariably leads to increase in prices of market goods which are overpriced. This leads to market Inefficiency.

So in trying to help low income earners, many economists choose the EIC over just increasing minimum wage.

The earned Income Credit helps certain tax payers with low incomes from work in a particular tax year. It reduces the amount of tax owed and may result in a refund to the tax payers if the amount of credit is greater than the amount of tax owed.

8 0
3 years ago
Elaborate on the meaning of contemporary socio-economic issues.​
saul85 [17]

Answer: See explanation

Explanation:

Contemporary Socio-economic issues are the challenges that are faced by the society. It should be noted that these problems and challenges have s negative impact on the economy and the society as a whole.

Some of the contemporary socio-economic issues that are faced by the society are poverty, corruption, illteracy, unemployment, etc.

These issues poses a challenge to the government and government seek ways to address them.

4 0
3 years ago
An ""offer"" to sell an item on an online auction site generally is treated as an invitation to negotiate. True or false?
inessss [21]

Answer:True

Explanation: In live auctions, buying and selling of items, and bidding on these items, are done face to face by the auctioneer and the bidder. Online auction sites provide platforms for consumers and producers to buy and sell items over the internet.

Online auctions are different. Because these transactions take place online, and are thus automated, when an "offer" to sell an item occurs then it can be taken as an opportunity to negotiate. Interested parties can make bids on the item, with or without a limit, depending on the auctioneer. Then the party with the highest bid wins the item.

7 0
3 years ago
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