When there is a decrease in supply, it would be reflected by a change from Curve A to Curve C.
<h3>How are supply decreases reflected?</h3>
When supply decreases, it leads to the supply curve shifting to the left to show that there is a lesser quantity available.
In the graph therefore, a decrease in supply would be shown as a shift from Curve A to Curve C or Curve B to Curve A.
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Answer:
<u><em>Local Income Taxes. </em></u>This taxes are used to fund city programs and community improvement.
Answer:
In business there is something called sole proprietorship. Proprietor is another word for owner, so a sole proprietorship has a single owner. The owner is fully liable, or legally responsible, for all the business’s actions and any debt it incurs.The other kind of business organization is called a partnership. A partnership allows for two or more people to share ownership of a business. There are different kinds of partnerships. In a limited partnership (LP) only one of the partners has unlimited liability while the other partner or partners have limited liability for the company and limited control over business decisions as well. In a limited liability partnership (LLP), no partner is fully liable for the business’s debts, and partners are not responsible for the actions of one another. A limited Liability Company (LLC) protects the business’s owner or owners from personal liability in most situations. In the case of bankruptcy or a lawsuit, the owner doesn’t face personal risk. Their personal assets (property of value) are protected.Corporation: When a business is incorporated (structured as a corporation), it becomes a legal entity separate from the owner or owners. While it can be time-consuming and expensive to set up a corporation, this structure provides a business owner with the best protection against personal liability. Another advantage is that corporations can sell stocks, or shares, to raise funds.
Answer and Explanation:
The journal entry to record while receiving the note is shown below:
Notes receivable Dr. $14,000
To Accounts receivable $14,000
(Being receiving of the note is recorded)
Here the note receivable is debited as it increased the assets and credited the account receivable as it decreased the assets
The same is to be considered
Answer:
A) Accrual principle
B) Cost principle
C) Economic entity principle
Explanation:
Accrual principle: indicates that accounting transactions should be recorded in the accounting periods when they actually occur, rather than in the periods when there are cash flows associated with them.
Cost principle: according to this concept, a business should only record its assets, liabilities, and equity investments at their original purchase costs.
Economic entity principle: implies that the transactions of a business should be kept separate from those of its owners and other businesses.