Answer:
Debit account receivable $2.4 million; Credit Ticket Revenue $2.4 million
Explanation:
Double entry is when a business records a debit and credit in relation to a transaction. Generally you debit the receiver and credit the giver.
In this instance sales of tickets were made by Denver Broncos of $2.4 million worth.
The sale involves receipt of cash, but it is preseason and customers have not yet received service so we debit accounts receivable for $2.4 million.
Revenue is made from the sale so we credit Ticket Revenue to recognise income made.
Answer:
Explanation:
The firm Should decrease the output.
Because as we see selling price P is LESS than Marginal Cost (MC) and in perfect competition P=MC for efficient allocation . So By decreasing output firm can decrease MC ⇒ which leads to output where P=MC.
Answer : Premium Pricing.
Companies manufacturing or selling designer apparel, custom jewellery or exclusive paintings usually have a unique brand. These companies usually have their own signature brands that have a big competitive advantage. Hence they charge higher prices.
The number of burritos that will be supplied depends on the costs the supplier incurs.
You did not include any charts that can be used to answer this specific question so I will give a general answer.
When a supplier is deciding the price at which to supply a good, they look at:
- Their costs both fixed and variable
- The price others are charging
- The demand for the good
The most important factor is their costs. If in this case, it costs more than $1 to produce a burrito, they will not supply burritos. If their costs are less than a dollar, the number of burritos supplied will then depend on other factors but they will supply some.
In conclusion, if the cost to make the burrito is less than $1, the supplier will supply no burritos but if the cost is less, they will supply based on other factors.
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Answer: $0.54
Explanation:
Total cost = Fixed cost + Variable cost
$622,500 = $527,000 + Variable cost
Variable cost = $622,500 - $527,000
Variable cost = $95,500
Variable cost per unit will be calculated as the variable cost divided by the production unit. This will be:
= $95,500/176,000
= $0.54
The variable cost per units is $0.54.
