Answer:
See the explanation.
Explanation:
Account receivable Rondo Distributors debit $1,200
Sales revenue credit $1,200
Note: To record the merchandise sales on account. As the company used the periodic inventory system, we do not need to give the cost of goods sold journals.
Purchase debit 10,000
Accounts payable credit 10,000
Note: To record the purchase on account.
Delivery expense debit $525
Cash credit $525
Note: To record the payment of the delivery expense.
Four requirements for a valid contract are an offer, acceptance by the other party of the offer, a mutual agreement or meeting of the minds of the contracting parties and a valid consideration.
Monthly payment because she pays it every 30 days
Answer:
A. The market clearing price of the tickets is more than $480.
Explanation:
Market-clearing price is a level where the quantity demanded of a product matches or the quantity supplied. At this price, A product or service does not experience any surplus or shortages. It is the price where the demand curve and the supply curve intersect. The market-clearing price is the same as the equilibrium price.
As the price of $480, the demand for the show is at 6000, but supply is at 4000. There is a surplus in demand. The price of $480 is attractive to more people than supply can handle. Matching supply and demand would require the price to be set above the $480.
Answer:
B) $125,000
Explanation:
Price discrimination strategy refers to charging each customer the maximum amount of money he/she is willing to pay for a product.
In this case, the concert promoters should charge $150 per ticket to 1,000 die hard fans = $150,000 in revenue.
Then it should charge only $50 per ticket to 500 casual fans = $25,000 in revenue.
Total revenue = $150,000 + $25,000 = $175,000
<u>minus total costs = ($50,000) </u>
Net income = $125,000
