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musickatia [10]
2 years ago
14

In perfect competition, firms will be able to earn economic profits in: Select an answer and submit. For keyboard navigation, us

e the up/down arrow keys to select an answer. a the short run, only. b the long run, only. c the short and in the long runs. d neither the short or in the long runs.
Business
1 answer:
yawa3891 [41]2 years ago
6 0

In perfect competition, firms will be able to earn economic profits in the short run.

<h3>What is perfect competition?</h3>

A perfect competition is characterized by many buyers and sellers of homogenous goods and services.

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.

To learn more about perfect competition, please check: brainly.com/question/17110476s

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During October, Carla Vista Company experiences the following transactions in establishing a petty cash fund.
ahrayia [7]

Answer:

October 1

Dr. Petty Cash      $146

Cr. Cash                $146

October 31

Dr. Supplies                      $24.77

Dr. Miscellaneous items  $15.07

Dr. Postage                       $38.37

Dr. Freight-Out                  $5.47

Dr.  Cash Shortage           $1.29

Cr. Cash (146-59-2.03)     $84.97

Tot reimburse Petty cash Expense

Dr. Petty Cash      $50

Cr. Cash at bank  $50

(196-146 = 50)

Explanation:

A petty cash is a small amount of money disbursed by an organisation for expenditures. This expenditures are usually day to day expenses such as postages, stationaries, office supplies and so on. From time to time, there may be cash shortages or the cash may be over for various reasons.

Supplies, Miscellaneous items, Postage, and Freight are all expenses account due to their debit nature it is debited to record all these expenses and Cash net of petty cash balance and actual cash available is credited to decrease the balance of the cash used for expenses. Ne of these entries is cash excess or shortage.

Cash issued for petty cash is recorded as debit in petty cash account and credit the cash at bank to record the effect of this transfer.

7 0
3 years ago
Which of the following pricing strategies is most likely to lead to long-term financial sustainability?
Serhud [2]

Answer:

Full cost is a pricing strategies which is most likely to lead to long-term financial sustainability

Explanation:

Full cost: It includes all types of cost which includes fixed cost, the variable cost  which is used to compute the total cost per unit . where, fixed cost is that cost which remains same if production level also increases and, the variable cost is that cost which is changes when production level changes.

Marginal cost: It is the cost that is added when extra goods and services are produced.

Direct cost: It is that cost which is directly related to the production level. Example: direct material, direct labor, etc.

Indirect cost: It is that cost which is not related to the production level Example: Overhead cost, security cost, etc.

Variable cost: It is that cost which is changes when production level changes whether increase or decrease.

All other costs other than full cost is not used for long term financial sustainability because full cost includes all types of cost.

Hence, Full cost is a pricing strategies which is most likely to lead to long-term financial sustainability

8 0
3 years ago
Explain the difference between imports and exports.
insens350 [35]

Answer:

B. Exports are the goods and services a nation produces and sells to other nations; imports are the goods and services a nation buys from other nations

Explanation:

8 0
3 years ago
Kinda running back on my payments anyone got spare change -apple pay numbers below god bless you all
Mandarinka [93]
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6 0
2 years ago
Read 2 more answers
Resource Room prints custom training material for corporations. The business was started January 1, 2017. The company uses a nor
nadya68 [22]

Answer:

Budgeted Overhead Cost          266,000          

Budgeted Labor Cost                   190,000          

Recovery rate                       =266000/190000          

Recovery rate per labor cost     1.40          

Actual Material                             158,000          

Actual labor                                       175,000          

WIP closing                         Material    Labor          

Job 11                                4,720    5,700          

Job 12                                 5,090    6,900          

Total                                  9,810    12,600          

Transfer to Finished= Total-WIP            

Actual Material                 148,190          

Actual labor                         162,400          

Category                    Finished    WIP           Total        

Material                             148,190     9,810          158,000        

Labor                             162,400     12,600   175,000        

Overhead-Recovered      227,360      17,640     245,000

@ 140% of labor        

Balance before                537,950       40,050     578,000

adjustment to overhead

under-allocation        

Option 1-Underallocated     2,200                                     2,200  

overhead (247200-245000)

     

Balance after adjusting      540,150       40,050     580,200

overhead under-allocation        

Option 2-Underallocated        2,042           158      2,200

overhead in overhead allocated rate

       

2200*227360/245000            

2200*17640/245000            

Balance before adjustment          537,950          40,050     578,000

to overhead under-allocation        

Balance after adjusting                 539,992          40,208     580,200  

overhead under-allocation          

g. the option 2 will be chosen because a careful look at the underallocated overhead is similar to 2017 so the charge should be levied on all activity

Explanation:

Budgeted Overhead Cost          266,000          

Budgeted Labor Cost                   190,000          

Recovery rate                       =266000/190000          

Recovery rate per labor cost     1.40          

Actual Material                             158,000          

Actual labor                                       175,000          

WIP closing                         Material    Labor          

Job 11                                4,720    5,700          

Job 12                                 5,090    6,900          

Total                                  9,810    12,600          

Transfer to Finished= Total-WIP            

Actual Material                 148,190          

Actual labor                         162,400          

Category                    Finished    WIP           Total        

Material                             148,190     9,810          158,000        

Labor                             162,400     12,600   175,000        

Overhead-Recovered      227,360      17,640     245,000

@ 140% of labor        

Balance before                537,950       40,050     578,000

adjustment to overhead

under-allocation        

Option 1-Underallocated     2,200                                     2,200  

overhead (247200-245000)

     

Balance after adjusting      540,150       40,050     580,200

overhead under-allocation        

Option 2-Underallocated        2,042           158      2,200

overhead in overhead allocated rate

       

2200*227360/245000            

2200*17640/245000            

Balance before adjustment          537,950          40,050     578,000

to overhead under-allocation        

Balance after adjusting                 539,992          40,208     580,200  

overhead under-allocation          

g. the option 2 will be chosen because a careful look at the underallocated overhead is similar to 2017 so the charge should be levied on all activity

3 0
3 years ago
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