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3 years ago

What is the law of supply

2 answers:

7 0

The law of supply refers to the law that states as long as everything is equal/constant, when the price of a good or service increases, the quantity of the good or service will increase. This is also true to that if everything stays the same, but the price of a good or service decreases so will the quantity of the good or service. All factors have to remain equal for this to work. Price and quantity supplied of a good are directly related to each other.

Julli [10]3 years ago

4 0

The law of supply is a fundamental principle of economic theory which states that, other factors held constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes

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Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2)

Genrish500 [490]

Answer:

Date Account Title Debit Credit

Dec. 31 Bad debt expense $9,000

Allowance for doubtful accounts $9,000

Working

= 3% * 300,000

= $9,000

Date Account Title Debit Credit

Dec. 31 Bad debt expense $12,000

Allowance for doubtful accounts $12,000

Working

= 1% * total debt

= 1% * (900,000 + 300,000)

= $12,000

Date Account Title Debit Credit

Dec. 31 Bad debt expense $12,500

Allowance for doubtful accounts $12,500

Working

= 6% * Accounts receivable

= 6% * 125,000

= $7,500

As the Allowance account is in debit, it means that bad debt exceeded the allowance so this balance needs to be added to properly cater for bad debts.

= 7,500 + 5,000

= $12,500

8 0

3 years ago

n project quality management, ________ involves monitoring specific project results to ensure that they comply with the relevant

melamori03 [73]

Answer:

Quality Control

Explanation:

The Quality control includes review each phase of the project and assessing whether the company has delivered its fair share according to the contract clauses and its implied duties. The quality controlers have a set of checks which provide sufficient evidence whether or not the relevant quality standards are met or not.

3 0

3 years ago

A flood damaged several vans belonging to a nongovernmental, not-for-profit organization. A professional mechanic repaired the v

Westkost [7]

Answer:

b. As both an increase in the equipment account and an increase in contributions from donated services.

Explanation:

When the flood damages the vehicles there was a loss in the value of the organisation's equipment. The actor of restoring it to its previous state will require an addition to equipment account. So there will be an increase in equipment.

The services provided by the mechanic were free and will be recorded as a donated service. This is an increase in contributions from donated services.

There is no expense recorded as the services were performed for free.

5 0

3 years ago

A short forward contract that was negotiated some time ago will expire in 4-month and has a delivery price of $42.25. The curren

padilas [110]

Answer:

the value of the short forward contract is -0.49

Explanation:

the computation of the value of the short forward contract is shown below:

= (Delivery price - current forward price)× e^(risk free interest rate × no of months ÷ total number of months)

= ($42.25 - $42.75)× e^(-7.90% × 4÷12)

= -0.49

Hence, the value of the short forward contract is -0.49

Therefore the same should be considered

8 0

3 years ago

Rick Palmer received a $2,500 raise this year. This increased his salary as an associate TV producer from $45,000 to $47,500. Wh

PilotLPTM [1.2K]

Answer: Rick had a 5.55% nominal salary Increase.

Explanation: In Finances & Economics , Nominal value is measured in terms of money . This means that the value has not been adjusted against inflation and will only show the "Number Value" rather than the economic value which is how much purchase power this salary increase really means.

The formula to calculate the % for this nominal increase is : (Final Value - Initial Value) / Initial Value * 100 ==>> ($47500-$45000)/$45000 = 0.55 *100 ===> 5.5%

4 0

3 years ago