Answer:
January 31
Dr Salary expenses $ 1,650
Cr Salary Payable $ 1,650
February 9
Dr Salary expenses $ 5,850
Cr Salary Payable $ 1,650
Cr Cash $ 7,500
Explanation:
Preparation of the journal entries for January 31 and February 9
January 31
Dr Salary expenses $ 1,650
Cr Salary Payable $ 1,650
( To record actual salary payable )
February 9
Dr Salary expenses $ 5,850
($7,500-$1,650)
Cr Salary Payable $ 1,650
Cr Cash $ 7,500
(To record total salaries paid with accrued salary of January)
Answer:
Additional tax the firm will owe: $3.15
Explanation:
Marginal tax rate is calculated by following formula:
Marginal tax rate = Change in taxes paid/Change in income
Change in taxes paid = Marginal tax rate x Change in income
The firm increases its revenue by $100 while increasing its cost of goods sold by $85.
Change in income = $100 - $85 = $15
Additional tax the firm will owe = $15 x 21% = $3.15
Answer:
RELATIVELY INELASTIC
more elastic
less
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded
If demand is relatively inelastic and price increases, there would be little or no change in the quantity demanded and as a result, total revenue would increase
If demand were elastic and prices were increased, quantity demanded would fall more than the increase in price. As a result, total revenue would fall
In the long run, people have more time to search for suitable alternatives. Thus, demand tends to be more elastic in the long run
If the long run, price is increased, the total quantity demanded would fall and revenue would fall
Answer:
If the first two steps are run at full capacity, then the third step has a waiting line.
Explanation:
Waiting line is defined as a line of people or vehicles waiting for something. Hence, if the first two step runs in a full capacity been able to serve 25 customers per hour. Meaning for each hour 50 customers will be attended to by the two, then the third will surely be on a waiting line.
B. Keep working through problems and a solution will be found
Explanation:
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