Explanation:
kindly tried to post the question so that I can be able to assist
If only one airline serves a town, the <em>question </em>of whether a monopoly exists is:
Based on the given question, we are asked to state whether a monopoly exist in a situation where there is only one airline in a town, and the answer is, yes, that is a monopoly
It is important to note that a monopoly has to do with the domination of one company in a market system whereby there is little to no competition from other companies. In this situation, there is usually higher prices of products because there is a <em>lack of competition</em> for competitive prices.
Read more about monopoly here:
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Answer:
3. net income is understated by $175
Explanation:
There were two transactions omitted. The first transaction is unearned rent revenue of which $450 was earned. This earned rent revenue increases income by $450. While the second transaction was accrued interest payable of which $275 is owed. This interest payable increases liabilities by $275.
Therefore, from the above, income or revenue is understated by $450, while expenses is understated by $275.
Therefore, net income is understated by income less expenses, thus 450 - 275 = $175. This also implies that liabilities are overstated by $175.
Answer:
1. Drawings A/c. dr. 15,000
To Cash A/c. 15,000
2. Cash A/c. Dr. 63,000
To Sales A/c. 63,000
3. Drawings A/c. Dr. 12,000
To Cash A/c. 12,000
4. Purchases A/c. Dr. 31,000
To Creditors A/c. 31,000
5. Drawings A/c. Dr. 16,000
To Purchases A/c. 16,000
6. Dalip Singh A/c. Dr.35,000
To Sales A/c. 35,000
7. Rent A/c. Dr. 22,000
To Bank A/c. 22,000
8. Purchases A/c. Dr. 19,000
To Cash A/c. 19,000
