Answer:
The higher the price, the higher the producer's profits. Your needs and wants are unlimited. If heavy competition for a product keeps its price low, businesses will be very motivated to offer the product for sale.
Answer:
compared to a mixed economy, a market economy tends to benefit the consumers.
This is mainly because the government intervention and restrictions are minimum in a market economy, compared to a mixed economy in which the government plays a major part as an economic agent and a regulator.
A free market system's main aim is to enhance the competitions and the freedom of choice for the consumers.
However, in the real world scenarios, pure free market systems are difficult to be seen and most of the time, the economies are Mixed economies.
Even in USA's economy 40% of the economy consists of the government agencies and activities.
This is mainly due to the economic malpractices by the producers and corporations.
Explanation:
Answer:
d) $38,000 Debit balance.
Explanation:
Predetermined overhead rate = Estimated Total Overhead Costs / Estimated Direct Labor Costs
= $472000 / $2,360,000
= 0.2
= 20% of direct labor costs.
Applied overheads = (20%*Actual direct labor costs)
Applied overheads = 20% * $1,980,000
Applied overheads = $396,000
So, Overhead under-applied = $434,000 - $396,000 = $38,000 (Debit)
Answer:
The borrower records its receipt of cash and new liability with this entry
Jan 1 Notes Receivable $10,000 Dr.
Sales / Accounts Receivable $10,000 Cr.
Received Note of 3 months with 9% interest
The entry would credit to Sales if it is received against sales or credit to account receivable isf it is received against accounts receivable for a further time period as the case may be.
