Answer:
The correct answer is letter "A": on the line following each journal entry.
Explanation:
<em>Brief descriptions</em> can be added after each entry of the journal whenever necessary. The note must be included in the next line of the entry that might need extra explanation or clarification. <em>Accuracy </em>is relevant for accounting purposes since companies tend to be audited and they must demonstrate their transactions are transparent.
It guarantees profits, the risk is reduced but the barrier to entry is higher in the form of a high price.
Answer:
Revenues are closed out to Equity (Retained Earnings) for Corporate.
Explanation:
Actually, for both Sole Proprietor and Corporate, the account that is closed out to Capital or Equity is the difference between the Revenue and the Expenses for the accounting period. This is more specifically referred to as Net Income. This is the bottom-line profit, which is available for distribution to the owners of the entity in the form of capital withdrawals for Sole Proprietorships and dividends for Corporate entities.
Answer:
The price elasticity of supply is 0.0763 or 7.63%.
Explanation:
Price Elasticity of Supply shows response of quantity supplies to the price of the product supplied. Its Formula is as follow:
Price Elasticity of Supply = % change in supply / % change in price
Price Elasticity of Supply = (0.935% / 12.25%) x 100 = 7.63%
% Change in Supply = ( 100,935 - 100,000 ) /100,000 = 0.935%
% Change in Price = ( 449 - 400 ) / 400 = 12.25%
Answer:
assets to the commercial bank and liabilities to the Federal Reserve Bank holding them.
Explanation:
A commercial's bank's reserves are assets to the commercial bank and liabilities to the Federal Reserve Bank holding them.
Assets are all the resources owned by the commercial bank while liabilities are their debts or financial obligations to the Federal Reserve Bank.
The reserves of a commercial bank generally is comprised of deposits at the Federal Reserve Bank and vault cash.
Excess reserves determines the amount a commercial bank can lend out.
