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igomit [66]
3 years ago
10

Categorization of a market area for a center is relatively simple because the size of the market area served is refleced in the

centers size.
a. True
b. False
Business
1 answer:
sergey [27]3 years ago
6 0

Answer: True

Explanation:

The Market Area that a Centre will serve is directly related to its size. This is because the larger the size of a Centre, the more services it offers that will bring people from further to it.

Services range from low level to high level. High level services bring people from further away while low level services are mostly for people in the area.

A large centre will have more High level services offered and so will serve people from further as opposed to a small centre that will have more low level services which will serve people in it's vicinity.

Think about Neighbourhood stores vs large Shopping Complexes.

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Lore Co. changed from the cash basis to the accrual basis of accounting during 2005. The cumulative effect of this change should
marysya [2.9K]

Answer: Prior period adjustment resulting from the correction of an error.

Explanation:

The Cash basis method is not acceptable under both IFRS and U.S. GAAP accounting principles and these are the principles followed by the majority of the world so Lore Co. was using the cash basis in violation of both conventions which means that their accounting records before the change are considered wrong and full of errors.

In changing to the acceptable principles, they are correcting that error and need to adjust prior periods for that error as well.

8 0
2 years ago
Uncle Tupelo's Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season.
ladessa [460]

Answer:

Interest expense --------$1,500

Interest payable-------------- $1,500

Explanation:

Given the following ;

Amount of note signed = $75,000

Annual interest rate = 12% = 0.12

Date signed = November 1

Calculate interest expense to be made in the adjusting entry by December 31 :

NOTE: No entries have been made previously for the interest expense

Monthly Interest = (Amount × rate) ÷ 12

Monthly interest = ($75,000 × 0.12) ÷ 12

Monthly interest = $9000 ÷ 12 = $750

November 1 to December 31 = 2 months

$750 × 2 = $1500

Interest expense = $1,500

3 0
3 years ago
Question 1 Tamarisk Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of $50 par value
Anastasy [175]

Answer:

The journal entries relating to the conversion of preferred stock to common stock are highlighted below:

Dr Preferred stock                                                 $45,000

Dr Paid-in capital in excess of par                        $9,900

Cr Common stock                                                                           $18,000

Cr Paid-in capital in excess(balancing figure)                                $36,900

Explanation:

Find in the attached the detailed computations of the amounts above.

Download xlsx
7 0
3 years ago
Assume that three identical units of merchandise were purchased during October, as follows: Units Cost October 5 Purchase 1 $5 1
den301095 [7]

Answer:

Cost of merchandise sold = $ 28

Gross profit = $ 13

The ending inventory under the LIFO method = $ 18

Explanation:

Given:

October 5,

Purchased units =  1

Unit cost = $5

on October  12,

Purchased units = 1

Unit cost = $ 13

On October 28,

Purchased unit = 1

Unit cost = $ 15

Total cost of the 3 units purchased = $33

Now, the unit sold on October 31 will be the unit purchased in the end i.e on October 28

thus,

Cost of merchandise sold = $ 28

Gross profit = Selling price of the unit - Unit price of purchase

or

Gross profit = $ 28 - $ 15 = $ 13

now, the ending inventory under the LIFO method = $ 5 + $ 13 = $ 18

4 0
3 years ago
Read 2 more answers
To maximize economic surplus, keep increasing output as long as
finlep [7]

Answer:Therefore, total surplus is maximized when the price equals the market equilibrium price. In competitive markets, only the most efficient producers will be able to produce a product for less than the market price. Hence, only those sellers will produce a product

Explanation: i no it

7 0
2 years ago
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