A company pays down the account's payable account with $2000 cash. What effect does this transaction have on the asset account?

A. Increases

B. Decreases

C. No effect

A firm produces 400 units of output at a total cost of $1,200. If total variable costs are $1,000, Group of answer choices average total cost is $2.50. average fixed cost is 50 cents. average variable cost is $2. average total cost is 50 cents.

A business operated at 100% of capacity during its first month, with the following results: Sales (90 units) : $90,000 Production costs (100 units) : Direct materials$40,000 Direct labor20,000 Variable factory overhead2,000 Fixed factory

Which of the following statement is TRUE about variable expenses? Question 3 options: A. The amount you spend on variable expenses do not change during certain months and do change during other months. B.

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Cash 42,900 Accounts Receivable 123,500 Prepaid Insurance 27,000 Equipment 300,000 Accounts Payable 52,000 Salaries Payable 4,800 Common Stock 40,000 Retained Earnings 137,200 Dividends 5,000 Service Revenue 1,216,000 Salary Expense 660,000

Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly.

Conversion occurs when a person or event is the catalyst for implementing major changes for a system to meet business changes.

In the current year, Generous University awarded scholarships to graduate students in the amount of $5,000,000. The recipients are not required to provide any services in return for the scholarships. How should the university record the award?

Suppose that in 1984 the total output in a single good economy was 12,000 buckets of chicken. Also assume that in 1984 each bucket of chicken was priced at $16.

European interest in the Middle East intensified after oil was discovered in the region. a. True b. False