The government may wish to regulate monopolies to protect the interests of consumers. For example, monopolies have the market power to set prices higher than in competitive markets. The government can regulate monopolies through price capping, yardstick competition and preventing the growth of monopoly power.
Answer: Option C
Explanation: Manufacturers refers to the entity producing a good while wholesaler are the second in supply chain who procures the product from manufacturer in bulk.
The retailer is the entity that deals with the final consumer in the market. The retailer creates value to the customer by making the product available in small distance, and in timely manner.
Thus, the retailer is sued by manufacturer and wholesaler as they create value to the customer.
Answer:
a. in the general ledger
Explanation:
When preparing the retained earnings statement, the beginning retained earnings balance can always be found in the general ledger.
Answer: The income statement should reflect $15,000.
Explanation: The reason is because accounting procedures are always guided by certain principles or concepts. One of such concepts is the Realization Concept. This simply states that income is considered to have been earned when the goods/services have been dispatched /rendered to the client and the client has incurred liability for such (or has accepted his/her indebtedness). The Accrual Concept is also applicable in the above instance because this concept/principle states that revenues and expenses are recognized as soon as they are earned and incurred and not when money is expended or received. So basically, XYZ Law firm has provided services for two clients. One of them has paid while the other will pay sometime later. Both of them are already recognized as revenue and the current income statement will reflect revenue transactions to the tune of $15,000.
