Aunt Sally’s “New Orleans Most Famous Pralines” sells pralines costing $1.02 each to make. If Aunt Sally’s wants a 40% markup ba

The purpose of the closing entries is to transfer account balances to the permanent records, moving all income statement balances into retained earnings. Common stock - $9000 Dividends - $800 Service revenue - $13,000 Wages Expenses - $8,400 Rent Expenses - $1,600 Closing Entries Particulars Dr Cr Income Summary $10,000 Wages Expenses $8,400 Rent Expenses $1,600 Service Revenue $13,000 Income Summary $13,000 Income Summary $3,000 (13000-10000) Retained Earnings $3,000 Retained Earnings $800 Dividends $800

Answer:

(1) Demand Determinant - Number of purchasers

Supply Determinant - None

If individuals opt to have additional children, this results in an increased number of purchasers. Consequently, this influences the demand for a specific product, causing the demand curve to shift to the right.

(2) Supply Determinant - Prices of inputs

Demand Determinant - None

Steel is a key resource for companies, and if steel prices rise, production costs will increase, leading to a decrease in product supply.

(3) Supply Determinant - Technological advancements

Demand Determinant - None

Innovative technology will enhance firms' productivity, thereby increasing product supply.

(4) Demand Determinant - Pricing of substitute or complementary products

Supply Determinant - None

When the price of a substitute product goes up, the demand for minivans rises, resulting in a shift of the demand curve to the right.

(5) Demand Determinant - Changes in income

Supply Determinant - None

A decline in consumer wealth leads to diminished demand for minivans, prompting a leftward shift of the demand curve.