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3 years ago

Which one of the following always has a debit balance

Business

1 answer:

IceJOKER [234]3 years ago

4 0

Answer:

Assets, expenses, losses, and the owner's drawing account will normally have debit balances. Their balances will increase with a debit entry, and will decrease with a credit entry. Liabilities, revenues and sales, gains, and owner equity and stockholders' equity accounts normally have credit balances.

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What is meant by market in the lower-of-cost-or-market rule?

Pavel [41]

Answer:

Stock is valued at lower of : cost or market price [prudence principle]

Explanation :

Prudence or Conservatism is an accounting principle : anticipating for all possible losses & expenditures, not anticipating for possible profits & gains. This makes business better prepared to face all contingent expenditures/ losses.

This concept's implication is that : Stock or Inventory is valued at the value whichever is lesser between 'cost of inventory' & sale price. This makes inventory valuation as per the above explained Prudence/ Conservatism principle.

7 0

3 years ago

The total of paul's taxable gifts, assuming he does not elect gift splitting with his spouse, subject to the unified transfer ta

Tanya [424]

Gift splitting permits a married couple to merge their gift tax exemptions to help enhance the advantages of tax-free gifting.

<h3>What is a gift-splitting gift?</h3>

This method is not automatic, and the ability to split gifts requires that certain prerequisites are met, including the consent of both spouses on a pointed federal gift tax return.

Gift splitting allows a wedding couple to combine their gift tax exemptions to help enhance the advantages of tax-free gifting.

The unified tax credit gives a set dollar quantity that an individual can gift during their lifetime and give on to heirs before any gift or estate taxes apply.

To learn about unified tax credit visit the link

brainly.com/question/8176727

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4 0

1 year ago

Colgate-Palmolive Company reports the following balances in its retained earnings.

Dafna11 [192]

Answer:

a. $1,028 million

b. 46.7%

Explanation:

a. Dividends are taken from the retained earnings and net income is added to the retained earnings. The formula for ending retained earnings is;

Ending retained earnings = Opening Retained earnings + Net Income - Dividends

14,329 = 13,157 + 2,200 - Dividends

Dividends = 13,157 + 2,200 - 14,329

Dividends = $1,028 million

b. Dividends as a percentage of income

= 1,028/2,200

= 0.467

= 46.7%

3 0

3 years ago

You are planning to make monthly deposits of $500 into a retirement account that pays 6 percent interest compounded monthly. If

liberstina [14]

Answer:

$995,745

Explanation:

PV = $0

PMT = $500

I/YR = 6

P/YR = 12

N = 40 x 12 = 480

your retirement account be in 40 years will be $995,745

7 0

3 years ago

Each day, Tasty Tortilla Company incurs total costs of $8,000 to process flour into tortillas. The company can sell the tortilla

Murljashka [212]

Answer:

c. The firm will make an additional $4200 in income per day if it sells taco shells instead of tortillas.

Explanation:

Tortilla daily revenue: $8000

Tortilla daily cost: $22500

Taco shell daily revenue: $26,700

Taco shell daily cost: $8000 + $4200 = 12200

Additional income if Taco Shells sold instead of Tortillas: $26,700 - 22,500 = $4200

3 0

3 years ago