The correct option is, the quantity of tires bought and sold in the market is reduced.
<h3>When tires are taxed and sellers of tires are required to pay the tax to the government?</h3>
- The amount of tires purchased and sold on the market decreases when tires are taxed and tire vendors are compelled to pay tax to the government.
- The loss of consumer and producer surpluses that are not accounted for in government revenue.
<h3>When a tax is placed on a product the price paid by buyers?</h3>
- In general, taxes increase the price consumers pay, decrease the price sellers receive, and decrease the amount of goods sold.
- A tax must result in a deadweight loss if it is imposed on a good and sales volume is decreased.
<h3>What is deadweight loss?</h3>
- The cost of market inefficiency, which happens when supply and demand are out of balance, is known as a deadweight loss.
- Deadweight loss, a term mostly used in economics, refers to any deficit brought on by an ineffective resource allocation.
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<span>Total revenue from oranges will fall. Notice that the question assumes everything else unchanged. This means that even though the quantity has been reduced by the frost, the price is unchanged. Thus all producers are selling fewer oranges at the same price. It logically follows that total revenue will fall.</span>
Answer:
$20,000
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
However, in the direct writeoff method, estimates of uncollectible receivables are posted directly into the accounts receivable and not into the allowance account.
The amount in the accounts receivable before write off
= $150,000 - $83,000
= $67,000
Amount written of is $20,000, this will be posted as a debit to bad debt expense and a credit to accounts receivable.
C retirement benefits. This is why retirees are sometimes called "pensioners"
