Answer:
C. They set a price where the demand matches the quantity they are
willing to supply
Explanation:
The equilibrium price is the current market price as determined by supply and demand forces. It is the price at which buyers are happy to buy the entire supplied quantities. Suppliers are also happy to sell that quantity at the set price. The equilibrium price is, therefore, the intersection of the demand and supply curves.
At the equilibrium price, there is no excess or short supply of a product in the market.
Answer:
Last in, Fast out (LIFO)
Explanation:
The Last in, Fast out (LIFO) method is an accounting method used to attach value to inventory. Under the LIFO formula, the assumption is that the last item to be purchased will be sold first. The costs of the final goods to be produced or purchased will be used to expense the first batch of products to be sold.
LIFO is the contrast of FIFO, which stands for first in first out. LIFO, as an inventory accounting technique, is rarely used outside the US. The approach is suitable for large businesses with huge inventories such as car dealers and retailers.
Answer: B - beyond the control of either party to the escrow
Explanation: An Escrow account is a legal term used where funds are held in trust whilst two or more parties complete a transaction.
An Escrow is a trusted third party that will be in custody of the funds during the cause of the transaction and will be the one to pay the merchant after all the escrow agreement are fulfilled.
Escrow account reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds when both Buyers and Sellers are satisfied. It apply mainly to real estate transactions.
Although Rhode Island used the most paper money to deal with its financial problems, merchants refused to accept this currency and had to pay steep fines for doing so.
<h3>What are merchants?</h3>
Merchants are people and/or institutions aimed at commercializing goods or services.
Merchants need to have paper money of legal use to make transactions during commerce activities.
In conclusion, although Rhode Island used the most paper money to deal with its financial problems, merchants refused to accept this currency.
Learn more about merchants here:
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Answer:
Explanation:
The journal entry is shown below:
Purchase A/c Dr $5.9 million
To Retained earning A/c $5.9 million
(Being the error is corrected and it credited to the retained earning account)
For correction of an error, we debited the purchase account and credited the retained earning account for $5.9 million so that the correct posting can be done.
