Answer:
A1) Salaries earned are $4,400 ($22,000 / 5) per day. So if the fiscal period ended on a Tuesday, the following records should be made:
- Dr Salaries Expense
8,800
-
Cr Salaries Payable
8,800
A2) If the fiscal period ends on a Wednesday, the following records should be made:
- Dr Salaries Expense
13,200
-
Cr Salaries Payable
13,200
B1) If the amount of insurance expired during the year is $5,300, the following record should be made:
Dr Insurance Expense 5,300
Cr Prepaid Insurance 5,300
Answer:
why just 5 points? :( but thanks for the 5points atleast
Explanation:
People often produce goods. When production is characterized by opportunity costs, the resulting production possibilities frontier will be a straight line is a true statement.
<h3>What is opportunity cost in terms of production?</h3>
The opportunity cost of transporting or changing from one efficient combination of production to another that is better is simply defined as how much a specific good that is one goods is given up so that a person can get more of another kind of goods.
Opportunity cost is said to be seen when spending more money on an item.
Due to the above, when production is seen to be more of constant opportunity cost, the resulting production possibilities frontier is known to occur on a straight line.
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The kind of table which lists the quantity of a good that an individual person will buy at different prices is the market demand schedule.
Answer: Option D
<u>Explanation:</u>
A market demand schedule, is therefore a table of lists that lists the quantity of a good that a consumers will buy at every different prices in a market.
A market demand schedule, thus, for a product, indicates that the relationship between the quantity demanded of the product and the price of the product which is in inverse relationship.
The similar term is the demand schedule which enlist the quantity of the goods or product which is demanded at various prices in the market.
The difference lies between the market demand schedule and demand schedule is the process of buying as the quantity demanded and the quantity of goods that will be bought.
Answer:
See below
Explanation:
With regard to the above information,
1. Corrected cost of goods sold is computed as
= Cost of goods sold + Overstated ending inventories 2019 - overstated ending inventories 2020
= $1,322,900 + $106,470 - $36,820
= $1,253,250
2. Corrected 12/31/2020 retained earnings is computed as
= Retained earnings DEC 2020 - overstated ending inventories 2020
= $4,854,000 - $36,820
= $4,817,180