Liability insurance covers damage to the insured vehicle that occurs as a result of anything other than collision. This can be as a result of Mother Nature, fire or vandalism. Most insurance policies include hitting a deer<span> under the comprehensive insurance rather than collision. This can cause confusion.</span><span>
Collision insurance covers damage that occurs as a result of a collision with another vehicle or object. This coverage applies regardless of who is at fault in the accident. Collision coverage will handle damage from hitting a post, tree, curb or other various objects.
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Answer:a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $217
( The answer Is not in the options given)
Explanation:
The Perpetual inventory is a method of accounting for inventory which immediately records when an inventory is sold or purchased using the available point-of-sale software systems of the particular business.
In that regard , the entry to record cost of merchandise sold
Account titles Debit Credit
Cost of goods (Merchandise sold) $217
Merchandise Inventory $217
Because Fredrick can not claim his father as a dependent then, the filing status that can Fredrick use is Single.
<h3>What is a filing status?</h3>
A filing status is a tax status that is used to determine a taxpayer's filing requirements, standard deduction, eligibility for certain credits, correct tax etc.
In conclusion, because Fredrick can not claim his father as a dependent then, the filing status that can Fredrick use is Single.
Read more about filing status
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Answer:
The correct answer is:
Equilibrium price will decrease; the effect on quantity is ambiguous. (D)
Explanation:
First, note that if the price of coffee beans, used in the manufacture of coffee decreases, the price of coffee sold to consumers will decrease, because it takes a lesser amount in manufacturing than it used to, therefore this reduction in manufacturing costs is reflected in the selling price.
Next, it is hard to tell whether this reduction in equilibrium price will affect quantity demanded, because, at the same time, the price of cream ( a complementary good) increases, and since both goods are complementary, they are bought together, and the effect of the reduction in the price of coffee might not necessarily caused an increase in the quantity demanded because this effect is cancelled out by the increase in the price of cream, hence the effect on quantity is ambiguous.
Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run, we can expect "some firms to exit causing the market price of corn to rise.".
<h3>What is perfectly competitive market?</h3>
According to economic theory, perfect competition exists when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or quit the market without any obstacles, consumers have perfect or complete information, and businesses are unable to set prices.
There are five characteristics that have to exist in order for a market to be considered perfectly competitive. The characteristics are -
- homogenous items,
- no entry or exit obstacles,
- price taker sellers,
- transparent products, and
- no seller has any control over market prices.
The three key components of perfect competition are as follows:
- There are a lot of buyers and sellers in the market.
- These buyers and sellers are in competition with one another.
- The good being offered or purchased is uniform.
- Companies are free to enter or leave the market.
To know more about; Why is perfect competition the best form of market structure?, here
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