Answer:
1. Journal:
October 1:
Debit Cash $30,000
Debit Building $200,000
Credit Common Stock $230,000
To record the receipt of cash and building for common stock.
2. T-accounts:
Cash Account
Date Description Debit Credit Balance
Oct. 1 Common Stock $30,000 $30,000
Building Account
Oct. 1 Common Stock $200,000 $200,000
Common Stock
Oct. 1 Cash $30,000 $30,000
Oct. 1 Building $200,000 $200,000
Explanation:
Journal entries show the accounts to be debited and credited respectively. They are the initial records of a business transaction. They can be used to post any transaction, make adjustments to the accounts, and close the accounts at the end of the accounting period.
Answer:
The quantity is likely to decrease, the change in price depends on the extent of change in demand and supply.
Explanation:
The fear of the mad cow disease lead to a reduction in the demand for beef. This caused the demand curve to move to the left.
At the same time, destruction of cattle heads ordered by the government lead to a reduction in the supply of beef. This caused the supply curve to move to the left.
This leftward shift in both demand as well as supply curve will lead to a reduction in the equilibrium quantity of beef.
The change in price of beef depends upon the extent of change in demand and supply. If both decrease by the same extent, the price will remain the same.
Answer:
C) increase production.
Explanation:
Competitive firms maximize their accounting profits when marginal revenue (MR) = marginal cost (MC).
In a perfectly competitive market, all the producers and the consumers are price takers, so they cannot change the price of the goods. So changing the sales price is not possible. Since the marginal revenue is greater than the marginal cost, the firm should increase its production output until MR = MC.
<span>A strategy that is preferred by an individual regardless of an opponent's decision is called: dominant strategy. regardless of what any other players do, the strategy earns a player a larger payoff than any other. If one strategy is dominant, than all others are dominated.</span>
Answer:
system producing
intermittent system
Explanation:
The production-inventory taxonomy is based on continuos system producing standardized products through an assembly line, whille intermittent system are used to produce non standardized products through a job shop.
