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ddd [48]
3 years ago
9

what statement is true? A. saving are a leakage in the circular flow of income B. Households pay wages to businesses C. Exports

are leakages in the circular flow of income. D. Taxes paid to the government have no direct effect on the economy.
Business
1 answer:
weqwewe [10]3 years ago
7 0

The correct statement is B. Household pay wages to businesses

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Jules & Associates had the following information available related to revenues and expenses for the current period: Services
LiRa [457]

Answer:

Net income in cash = -$17,000

Net income of accounting= $ 198,000

Explanation:

 $123,000 service provided for cash

-$140,000 Expenses paid in Cash

= -$17,000 Net income in cash

$240,000  Services provided on account

-$42,000  Expenses on account

=$198.000 Net Income of accounting

5 0
3 years ago
One potential risk of social networking for businesses is embarrassment due to
kow [346]

One potential risk of social networking for businesses is embarrassment due to employees making innapropriate posts. Social networking allows poeple to connect with one another through an online opportunity. Due to the nature of what they are able to view and post about, they should make sure everything stays relevant to work and how they would handle themselves in a work and networking setting.

6 0
3 years ago
Nature of Transactions Kristoff Walker operates his own catering service. Summary financial data for February are presented in e
vichka [17]

Answer:

A. Description for :

Transaction 1 - Provided catering service for cash

Transaction 2 - Purchase of land for cash

Transaction 3 - Payment of cash for expenses

Transaction 4 - Purchase of supplies on account

Transaction 5 - Withdrawal of cash by owner

Transaction 6 - Payment of cash to creditors

Transaction 7 - Recognition of cost of supplies used

B. The amount of the net decrease in cash during the month = 13,900

C. The amount of the net increase in owner's equity during the month = 3700

D. The amount of the net income for the month = 5500

E. The net income for the month was retained in the business = 3700

Explanation:

a)

Description for :

Transaction 1 - Provided catering service for cash

Transaction 2 - Purchase of land for cash

Transaction 3 - Payment of cash for expenses

Transaction 4 - Purchase of supplies on account

Transaction 5 - Withdrawal of cash by owner

Transaction 6 - Payment of cash to creditors

Transaction 7 - Recognition of cost of supplies used

b.)

Net decrease = Closing Balance - opening Balance

                        = 27,600 - 13,700

                        = 13,900

⇒The amount of the net decrease in cash during the month = 13,900

c.)

Net increase in owner's equity = ( Opening capital balance - Drawing + Income earned during the year - Expenses incurred during the year ) - Opening capital

⇒Net increase = ( 92,700 - 1800 + 32,300 - 26,800 ) - 92,700

                         = 96,400 - 92,700 = 3700

⇒The amount of the net increase in owner's equity during the month = 3700

d.)

Amount of the net income for the month = Total Income - Expenses

                                                                    = 32,300 - 26,800

                                                                     = 5500

⇒Amount of the net income for the month = 5500

e.)

Net income for the month was retained in the business = Net Income - Drawings

⇒Net income was retained in the business =  5500 - 1800

                                                                         = 3700

⇒Net income for the month was retained in the business = 3700

7 0
3 years ago
The full opportunity cost of capital invested in a business is generally not included as a cost when accounting profits are calc
Luden [163]

Answer:

The correct answer is: more than.

Explanation:

Economic profits calculation includes both implict and explicit costs. While implicit costs is not included in calculating accounting profits.

Since calculating accounting profits, the opportunity cost of capital is not included as a cost, that is why accounting profits is often higher than economic profits.

Accounting profits overstate profits.

5 0
4 years ago
Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a d
chubhunter [2.5K]

a. Salary of chief compliance officer of company

b. Power used by painting equipment

c. Instrument panel installed in the airplane cockpit

d. Annual bonus paid to the chief operating officer of the company

e. Turbo-charged airplane engine

f. Interior trim material used throughout the airplane cabin

g. Cost of normal scrap from production of airplane body

h. Hourly wages of employees that assemble the airplane

i. Salary of the marketing department personnel

j. Cost of paving the headquarters employee parking lot

k. Cost of electrical wiring throughout the airplane

l. Cost of electronic guidance system installed in the airplane cockpit

m. Salary of plant manager

n. Cost of miniature replicas of the airplane used to promote and market the airplane

o. Human resources department costs for the year

p. Metal used for producing the airplane body

q. Annual fee to a celebrity to promote the aircraft

r. Hydraulic pumps used in the airplane's flight control system Product costs-  

s. Yearly cost of the maintenance contract for robotic equipment

t. Prebuilt leather seats installed in the first-class cabin

u. Depreciation on factory equipment

v. Special advertising campaign in Aviation World magazine

w. Oil to lubricate factory equipment

x. Masks for use by painters in painting the airplane body

y. Decals for cockpit door, the cost of which is immaterial to the cost of the final product

z. Salary of chief financial officer

Answer:

A) period costs- administrative expense

B) product cost-factory overhead cost

C) product cost-direct materials cost

D) period costs- administrative expense

E) Product costs-direct materials cost

F) Product costs-direct materials cost

G) Product costs-factory overhead cost

H) Product costs-direct labor cost

I) Period costs-selling expense

J) Period costs-administrative expense

K) Product costs-direct materials cost

L) Product costs-direct materials cost

M) Product costs-factory overhead cost

N) Period costs-selling expense

O) Period costs-administrative expense

P) Product costs-direct materials cost

Q) Period costs-selling expense

R) Product costs-direct materials cost

S) Product costs-factory overhead cost

T) Product costs-direct materials cost

U) Product costs-factory overhead cost

V) Period costs-selling expense

W) Product costs-factory overhead cost

X) Product costs-factory overhead cost

Y) Product costs-factory overhead cost

Z) Period costs-administrative expense

6 0
4 years ago
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