<span>The contractor can collect from the estate only. The contractor and Clay made an agreement only in oral form, not in written agreement. So, the contractor could not got after Clay. </span>
Answer:
The correct answer is option II and III only.
Explanation:
Monopolistic competition is a market structure where there is a large number of buyers and sellers. The sellers in this market sell differentiated products which are close substitutes.
There is a very low restriction on the entry of new firms in the market. Because of differentiated products each firm has some degree of market power. The firms face a downward-sloping demand curve. This means that the firms decide the price level.
Though the firms enjoy zero economic profits in the long run.
Answer:
Accumulated depreciation= $276,000
Explanation:
Giving the following information:
On January 2, 2019, Kaiman Corporation acquired equipment for $ 700,000. The estimated life of the equipment is 5 years. The estimated residual value is $ 10,000.
Depreciable value= 700,000 - 10,000= 690,000
Straight-line depreciation= 690,000/5= $138,000
Accumulated depreciation= 138,000*2= $276,000
Answer:
a. $112,000
b. $7,500
Explanation:
(a) transferred out
Units transferred out are 100% complete for both materials and conversion costs, thus multiply the Total Cost per Equivalent units with the number of units transferred.
Cost of units transferred out = $8 × 14,000 units
= $112,000
(b) in ending work in process
Units of ending work in process are 100% complete in terms of materials ( since materials are entered at the beginning of the process) whilst 25% complete in terms on conversion cost (applied uniformly during production).
Cost of ending work in process
Materials ($3 × 2,000 units) = $6,000
Conversion ($3 × (2,000 units × 25%)) = $1,500
Total Cost = $7,500
TRUE
If the society wishes to reduce overall pollution by certain amount, it is efficient to have firms with highest profit bearing the largest burden of reducing pollution and firms with lowest profit bearing the least burden. This is because it will not lead to overall burden on the small firms. If large firms and small firms were to reduce the pollution burden on same rate then it will be very costly for the smaller firms to bear that and it will be a burden of cost on smaller firms.
