Answer:
The answer is C
Explanation:
This is an interest expense.
In accounting, the rule is as follows:
Debit side increases asset and expenses while credit side decreases liability, shareholders' equity and sales or revenue.
Credit side decreases asset and expenses while credit side increases liability, shareholders' equity and sales or revenue.
2 points on $400,000 means the interest charge is 2 percent on $400,000.
So we have 0.02 x $400,000
$8,000.
It will be a debit side because it is an increase in expense.
Answer:
The correct statements about Albert's business:
C. Once Georgina has rented the coolers and the supplier has closed the store, Georgina is facing a long-run decision.
D. Specifically for this problem, the long run could be described as roughly 24 hours.
Explanation:
From the scenario, the variable factors are the number of beverages and the number of coolers for Albert's business. This is because the number of beverages and the number of coolers depend on demand. This eliminates option A. Option B is not a long-run decision but a short-run one. The long-run is a time period when the decision-maker cannot change her decisions to meet the prevailing demands.
Answer: False
Explanation: In simple words, competitive market refers to the market structure in which there are large number of buyers and sellers, individual operating at a small level.
Due to the high number of buyers and sellers in the market no individual participant is able to impact or fix prices. All the buyers and sellers have to trade on prices that are determined by the market forces of demand and supply.
Consumers are price takers in such a market as no individual consumer has the ability to trade in all of the stocks and one only deals with a minor portion of the total business available. Thus, from the above we can conclude that the given statement is incorrect.
Answer:
Cost difference= $64,808 cost decrease
Explanation:
Giving the following information:
Purchasing price= $13
Make in-house:
Variable cost per unit= $11
Fixed cost per unit= $9
Production in units= 32,404
<u>To determine whether it is more convenient to make the part in-house or buy it, we need to take into account only the variable cost per unit. We leave out of the decision the fixed costs because they remain constant in both options.</u>
Buy= 32,404*13= $421,252
Make= 32,404*11= $356,444
Cost difference= $64,808 decrease
Answer:
John must first complete a process that starts with Form RP-524. Since the problem states that he already had a SCAR hearing, the only option left is the Tax Certiorari Proceeding which is a legal lawsuit filed in the New York State Supreme Court.
Explanation:
The compete process is as follows:
John must first file a grievance form, if he lives outside of New York City and Nassau County, he can use Form RP-524 "Complaint on Real Property Assessment" and file it with the assessor or the board of assessment review (BAR) in John's city. New York City residents and Nassau Country residents must contact directly their tax or review commissions by telephone. The grievance forms must be filed before Grievance Day in John's city (it varies depending on the city).
Then John will have to appear before the BAR and present his claim. The BAR is made up of 5 members and it cannot include the assessor or any member from the assessor's office.
If the BAR's decision doesn't satisfy John, then he can proceed with a Small Claims Assessment Review (SCAR). Since John was granted only a 20% reduction by the SCAR hearing officer, the only option left is the Tax Certiorari Proceeding which is a legal lawsuit filed in the New York State Supreme Court.
