Answer: Option (c) is correct.
Explanation:
Given that,
Quantity demanded increases by = 30%
Price elasticity of demand = 2
Therefore,
Price elasticity of demand = 
2 = 
Percentage change in prices = 
= 15%
Therefore, price of a particular good decreases by 15%.
The answer to the question which of the following statements about renting owning is correct is letter "B" An owner has a complete responsibility and control over the property.
Based on the definition of owner and renter, as well as its comparison, no doubt that the answer is indeed letter "B".
Answer:
Explanation:
Standard pounds per cake = 3 pounds
Standard unit price = $3
Standard pounds 5500 cakes = 16,500 pounds
Actual pounds per 5500 cakes = 16,650
Variance = (16,650 - 16,500)=150
Cost of actual materials used = actual materials * standard price
=16,650*3 =49,950
Cost of work in progress = Standard materials * standard price = 16,500*3= 49.500
Direct material quantity variance = Quantity variance * 3
150*3 = 450
Journal entry
Debit work in progress = 49,500
Debit material quantity variance = 450
Credit Material = 49,950
Answer:
$12,000
Explanation:
The main difference between cash basis accounting and accrual accounting is that accrual accounting recognizes revenue only after the earning process is completed. On the other hand, cash basis accounting recognizes revenue and expenses when the money is received or paid, regardless of when the service is provided. This is why the US GAAP doesn't allow cash basis accounting.
The IRS allows cash basis accounting for individuals and small businesses that only deal with cash payments, but they must meet certain criteria:
- partnerships or C corporations with less than $5 million in yearly revenue
- sole proprietorships and S corporations with less than $1 million in yearly revenues
- family owned farms
- you provide personal services and 95% of your revenue comes from it
- no publicly traded corporation is allowed
