Answer:
The answer is: A) some people win, some people lose, and there is a loss of economic efficiency.
Explanation:
When the government imposes a price ceiling, some consumers win since they buy cheaper products (lower than equilibrium price) but suppliers lose. Inf the government decides a price floor is better, then customers will lose and some suppliers will win (prices are higher than equilibrium price).
Both price ceilings and price floors cause deadweight loss, decreasing economic efficiency.
Answer:
D. Market supply and market demand determine the price and quantity bought and sold in the market.
Explanation:
In perfectly competitive market, equilibrium price and quantity is determined at the point where the aggregate supply curve and aggregate demand curve intersect.
If either supply or demand changes, the supply/demand curve will shift to intersect the demand/supply curve at a new equilibrium point.
In other words, although both suppliers and buyers are price-takers they both influence price and quantity bought and sold,<em> at the aggregate level</em>.
a. The amount of land on the balance sheet will be $36,000 which is historical cost of the land. Land is not subject to depreciation so it is recorded at historical cost and not carrying value.
b. The amount of rent expense reported on Income statement will be $5,500 [ $ 6,000 * 11 /12 months ]
c. The total amount of liabilities reported on the balance sheet will be $43,800. This includes the contingent liabilities and warranties.
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Answer:
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Answer:
1. Depreciation expense 3600
Accumulated depreciation 3600
2.Unearned rent 330666
Rental income 330666
3. Interest expense 2100
Interest payable 2100
4.Cost of goods manufactured 2640
Supplies 2640
5. Insurance expense 2400
Prepaid insurance 2400
Explanation:
depreciation for the year = 300*12=3600
2. Earned rent was 62000/3*4=330666
3.Interest expense for the year = 525*4=2100
4.opening supplies were 3500 and ending were 860 so (3500-860)=2640 were consumed and 860 will be reported to balance sheet.
5. Opening prepaid insurance was =$3600
Insurance was expense out at the rate of $200 per month = 200*12=$2400
$1200 shall be reported to balance sheet.
