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rjkz [21]
3 years ago
5

The journal entry to record a note received from a customer to replace an account is A. debit Notes Receivable credit Accounts R

eceivableB. debit Accounts Receivable credit Notes ReceivableC. debit Cash credit Notes ReceivableD. debit Notes Receivable credit Notes Payable
Business
1 answer:
Elan Coil [88]3 years ago
5 0

Answer:

A. debit Notes Receivable credit Accounts Receivable

Explanation:

The accounts receivable will be credited. This decrease account receivable thus, removing the customer account from there.

It will debit note receivable to represent the new plan of payment with the customer.

This are not payable, as the company is going to receive from the note, not pay.

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5 0
3 years ago
a firm in a perfectly competitive industry is producing 1000 units of output and earning revenues of 50000. At that level of out
hram777 [196]

Answer:

Increase quantity to where AC = MC = D=AR=MR

Explanation:

A perfectly competitive market is where there are many firms in the industry producing homogeneous products. There is ease of entry and exit into and out of the market. They are price takers and earn normal profits in the long-run. In order to maximize profits, a firm in a perfectly competitive industry should produce an the quantity where its average cost is equal to marginal cost when AR = MR = D. In other words, when the AC and MC curves intersect with AR = MR = D curve.

<em><u>Please refer diagram</u></em>

The firm is currently producing at a point where AC > MC at quantity 1000. In order to reach AC = MC, the firm has to increase its quantity to Qe. As it increases quantity, although marginal cost increases, average cost falls because now fixed costs are spread over a larger quantity of output.

At Qe, the three curves intersect and is the point where this firm can maximize its revenue (Price = Pe). At a price higher than this, it would lose customers since there are many others producing the same product and customers can easily shift to another.

7 0
3 years ago
Explain how firms that compete in the four different market structures determine profitability.
Ira Lisetskai [31]

Price is determined by the forces of market demand and market supply. A firm sells its output at the given price. Therefore, a firm under perfect competition is a price taker, not a price maker.

Perfect competition is a form of market where there is a large number of buyers and sellers of a commodity. A homogeneous product is sold and its price is determined by the forces of supply and demand.

The elasticity of demand for the firm's demand =  Infinite Because of free entry and exit, firms, in the long run, earn only normal profits (TR = TC or AR = AC). In the extra normal profits earned, new firms will join the industry. Market supply will increase. The market price will fall. Extra normal profits will be wiped out. In case of extra normal losses, some of the existing firms will leave the industry. Market supply will decrease. The market price will increase. Extra normal losses will be wiped out.

(A). Normal profits (TR = TC or AR = AC)

(B). Extra normal profits ( TR>TC or AR>AC)

(C).  Extra normal losses (TR<TC or AR <AC)

In economics, a market is a system, institution, process, social relationship, or infrastructure configuration in which parties exchange ideas. Although parties can exchange goods and services through barter, most markets rely on sellers offering goods and services (including labor) to buyers in exchange for money.

A market can be described as the process by which prices for goods and services are determined. Markets facilitate trade and enable the distribution and allocation of resources in society. Marketplaces allow the valuation and pricing of any tradeable item. Markets can arise more or less spontaneously or be consciously constructed by people

Learn more about the market here

brainly.com/question/25309906

#SPJ4

7 0
1 year ago
Olive Maccones dies without a will. She has three sons and seven grandchildren. She owned a substantial amount of property. What
navik [9.2K]

Answer:

The property will be transferred according to the Statute of Descent and Distribution.

Explanation:

Intestacy is the situation where a person dies without leaving a will for the sharing of his estate.

When this happens the descent and distribution statute comes into play.

The heirs or next of kin are beneficiaries to the estate. Heirs can be be blood relatives, adopted children, adopted parent, or surviving spouse.

The line of descent is the order of beneficiaries that are from an ancestor. The line of descent can be direct such as sons, or collateral such as cousins.

In this case where Olive Maccones dies without a will and she has three sons and seven grandchildren, her estate will be distributed by a court based on the line of descent of her sons and grandchildren.

6 0
3 years ago
Jessep Corporation has a standard cost system in which manufacturingoverhead is applied to units of product on the basis of dire
Orlov [11]

Answer:

Standard fixed overhead rate

= Budgeted fixed overhead cost

  Budgeted direct labour hours

= $45,000

  15,000 hours

= $3 per direct labour hour

Fixed overhead volume variance

= (Standard hours - Budgeted hours) x Standard fixed overhead rate

= (12,000 hours - 15,000  hours)  x $3

= $9,000(U)

The correct answer is B

Explanation:

In this case, we need to calculate standard fixed overhead rate, which is budgeted fixed overhead cost  divided by budgeted direct labour hours. Then, we will calculate fixed overhead volume variance, which is the difference between standard hours and budgeted hours multiplied by standard fixed overhead rate.

8 0
3 years ago
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