Answer:
d. debit to an expense account and a credit to an asset account.
Explanation:
When a prepayment is made, the entries recorded are Debit prepaid expense and credit Cash account to recognize the amount prepaid.
As time passes and the expenses are incurred, the entries required are debit expense account and credit prepaid expense (an asset) with the amount of the expense incurred as a result of the passage of time.
Answer:
First we must determine the total cost of the machine:
total cost = $178,000 + $2,480 + $1,160 = $181,640
Now we must find the depreciable value:
depreciable value = total cost - salvage value = $181,640 - $14,000 = $167,640
since the machine is going to be used for six years, the depreciation expense per year = depreciable value / useful life
depreciation expense per year = $167,640 / 6 years = $27,940
if it was depreciated during 5 years, the total depreciation expense would be: $27,940 per year x 5 years = $139,700
If the machine was depreciated before time, and sold only at its salvage value, Onslow Corp. should report a loss of $27,940.
Answer:
a higher price and produce a smaller output than a competitive firm
Explanation:
A monpolistically competitive firm is a firm that :
1. Sells differentiated products from other firms in the industry.
2. Has many buyers and sellers
3. Is a price maker
4. Has no barrier to entry or exist of firms
An example of a monpolistically competitive firm is a resturant.
A competitive firm is a firm that:
1. Sells identical goods with other firms in the industry.
2. Is a price taker . Prices are set by forces of demand and supply
3. Has many buyers and sellers
4. There are no barriers to entry or exist of firms.
When a monopolistic and competition firm are faced with the same unit cost, a monopolistic firm would aim to earn profit by increasing its price and reducing the quantity produced.
While a perfect competition would sell at the price set by the forces of demand and supply. The firm can increase the quantity produced in order to increase revenue.
A monopolistic firm is able to charge a higher price for its products while a perfect competition isn't.
The answer is Guido D'Arezzo. He was the creator of the modern staff, he had used yellow and red lines to indicate pitches in the staff. In the modern era, these yellow and red lines were removed but still followed D'Arezzo's modern musical staff. Aside from the musical notation, D'Arezzo is also known for his text called "Micrologus"
