What is the fifth principle of money?

Marta_Voda [28]

Answer:

A nation's economic system is the combination of policies, laws, and choices made by its government to establish the systems that determine what goods and services are produced and how they are allocated. Economics is the study of how a society uses scarce resources to produce and distribute goods and services.

5 0

3 years ago

The following accounts have normal credit balances? a. liabilities b. revenues c. assets d. all of the listed accounts have a no

Mademuasel [1]

So the correct option is D, Because increases in any account are often bigger than losses, accounts with normal balances are on the side where increases go. As a result, the owner's drawing, spending, and asset accounts typically have negative balances. Accounts for liabilities, income, and owner capital typically have credit balances.

What is Financial Statement?
Financial statements are written documents that convey the business activities and the financial performance of a corporation. The balance sheet, income statement, statement of cash flow, and statement of changes in equity are the four primary financial statements for for-profit entities. Nonprofit organizations employ a comparable but different set of financial statements.

To learn more about Financial Statement
brainly.com/question/22941895
#SPJ4

7 0

2 years ago

Puppy Co. reports the contribution margin income statement for 2020.

Oksi-84 [34.3K]

Answer: See explanation

Explanation:

a. Compute the company's degree of operating leverage for 2019.

This will be:

= Contribution / Pre tax income

= 432000 / 108000

= 4

b. If sales decrease by 5% in 2020, what will be the company's pretax income?

We should note that the degree of operating leverage is:

= % change in pre tax income / % change in sales

4 = % change in ore tax Income / 5%

% change in ore tax income = 5% × 4 = 20%

Company's pre-tax income will be:

= 108000 - (20% × 108000)

= 108000 - (0.2 × 108000)

= 108000 - 21600

= $86400

c. Assume sales for 2020 decrease by 5%. Prepare a contribution margin income statement for 2020.

Sales = 2160000 × 95% = 2160000 × 0.95 = 2052000

Less: Variable cost = 1728000 × 95% = 1728000 × 0.95 = 1641600

Contribution margin = 410,000

Less: Fixed cost = 324000

Pre tax net income= 86400

4 0

3 years ago

High Step Shoes had annual revenues of $192,000, expenses of $107,200, and dividends of $20,800 during the current year. The ret

zhannawk [14.2K]

Answer:

Debit Income Summary $84,800, Credit High Step Shoes, Capital $84,800

Explanation:

Preparation of what The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

Debit Income Summary $84,800

Credit High Step Shoes, Capital $84,800

($192,000-$107,200)

(To close the Income Summary account )

8 0

3 years ago

Standard cost systems ______. are rarely used in practice in well-established businesses help managers budget and control costs

ziro4ka [17]

Answer:

what managers think costs should be

Explanation:

Standard cost systems are based on what managers think costs should be as opposed to actually using the prices based on what they should be. The managers accomplish these prices by estimating the costs that will be incurred by the business during the production process and then creating the costs based on their estimations.

3 0

3 years ago