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zloy xaker [14]
3 years ago
11

Mordred had been sued by a former business partner. the partner was seeking $1,000,000 in damages. mordred felt that this claim

was totally unfair. he went to the law firm of merlin, guinevere, and arthur, llc. he was told that a junior associate could handle his case for $300 and hour or a senior partner could handle the case for $700 and hour. when he asked why there was such a difference in the rates, he was told that the senior partners were in such high demand that they were trying to discourage new clients. this is an example of _____________?
Business
1 answer:
maw [93]3 years ago
7 0
<span>This is an example of the fundamental principle of economics, supply and demand. There is a limited supply of senior partners, so as demand for their services increases so does the price of those services. Conversely, if the senior partners were in need of new clients then their services would not be in high demand. This would cause the price of their services to decrease.</span>
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Presented below is the adjusted trial balance of Splish Brothers, Inc. at December 31, 2017. Debit Credit Cash $ ? Supplies 1,33
igomit [66]

Answer:

Cash $   5710

Total   debit side  $  199200 Credit side  $ 199200

Explanation:

We list the correct accounts at the right side. First we add up the credit side to find the total and then subtract the debit side from it to get the cash amount as the debit and credit side of the trial balance must be equal.

<u><em>Splish Brothers, Inc.</em></u>

<u><em>Adjusted trial balance </em></u>

<u><em>December 31, 2017.</em></u>

                                                              Debit                   Credit

Cash $                                                    5710

Supplies                                               1,330

Accounts Receivable                         3,580

Prepaid Insurance                             2,620

Equipment                                          80,160

Accumulated Depreciation—Equipment                        $20,100

Trademarks                                         3,760

Accounts Payable                                                             3,220

Salaries and Wages Payable                                               920

Unearned Service Revenue                                               1,060

Bonds Payable (due 2024)                                                31,880

Common Stock                                                                    2,120

Additional paid-in capital                                                    15,160

Retained Earnings                                                              14,720

Service Revenue                                                                30,040

Salaries and Wages Expense          14,080

Insurance Expense                           2,400

Rent Expense                                    3,260

<u> Interest Expense                              2,320                                              </u>

<u>Total                                         $  199200                             $ 199200</u>

<u></u>

7 0
3 years ago
Miller Co. classifies its selling and administrative expense budget into variable and fixed components. Variable expenses are ex
Kobotan [32]

Answer:

Budgeted selling and administrative expense= $38,600

Explanation:

Giving the following information:

Variable expenses are expected to be $13,400 in the first quarter, and $3,900 increments are expected in the remaining quarters of 2017. Fixed expenses are expected to be $21,300 in each quarter.

We need to determine the budgeted selling and administrative expense for the second quarter:

Budgeted selling and administrative expense= (13,400 + 3,900) + 21,300

Budgeted selling and administrative expense= $38,600

3 0
3 years ago
Donna is looking into investing a portion of her recent bonus into the stock market. While researching different companies, she
kodGreya [7K]

Answer:

Perfect Plungers Plus is the company that would give Donna a stable long term investment

Explanation:

Because it has a low standard deviation than the other company, meaning it has the expected value as a low standard deviation is, also its data is not far from the mean and is not spread out.

5 0
3 years ago
Read 2 more answers
The advertising manager and sales supervisor at greenwalt advertising perform related job functions and report to the _____ mana
viktelen [127]
<span>It is reasonable to assume that sales supervisor reports to a sales manager, who would report to the general manager. The advertising manager would report to this same general manager.</span>
5 0
3 years ago
Under SEC rules, internal controls over financial reporting (ICFR) are processes that provide reasonable assurance that financia
Aleksandr [31]

Answer:

C. Unauthorized acquisition or use of data or assets that could affect financial statements will be prevented or detected in a timely manner.

Explanation:

Internal Control Financial Reporting is a framework designed to help companies manage their financial reporting and achieve the greater goals of risk assessment, control, information and communication, as well as monitoring. One of the weaknesses that could characterize ICFR is its inability to assure timely prevention and detection of unauthorized acquisition or use of data.

The scheme however ensures that financial records are maintained and that transactions are prepared according to GAAP rules. ICFR ensures that misstatements are detected in financial reporting.

3 0
3 years ago
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