Answer: Option (b) is correct.
Explanation:
Correct option: price equals marginal cost.
In a perfectly competitive market and a profit maximizing firm, the profit maximizing level of output is at the point where marginal cost is equal to the price of the product.
In the perfectly competitive market, there are large number of buyers and sellers and price of the product is determined by the market forces.
At, P = MC, firms earns zero economic profit.
Answer:
allocate her limited income among all the products she wishes to buy so that she receives the highest total utility is the correct answer.
Explanation:
Any business with employees are subject to a payroll tax under the Federal Unemployment Tax Act (FUTA).
Payments of unemployment compensation to workers who have lost their jobs are made possible by the Federal Unemployment Tax Act (FUTA), which works with state unemployment systems. Most businesses are required to pay both federal and state unemployment taxes. Visit the U.S. Department of Labor's Contacts for State UI Tax Information and Assistance for a list of state unemployment tax agencies. FUTA tax is not taken out of an employee's paycheck; it is only paid by the employer.
Therefore, it is imposed on any business with employees
To know more about federal unemployment tax click here:
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Answer:
$5,500
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
Adjustments to allowance required
= $15,000 - $9,500
= $5,500
The entries to be posted are
Debit Bad debt $5,500
Credit Allowance for Doubtful debt $5,500
Answer:
the direct material used is $162,400
Explanation:
The computation of the direct material used is as follows:
= Opening inventory + material purchased - ending inventory
= $48,400 + $154,700 - $40,700
= $162,400
Hence, the direct material used is $162,400
We simply applied the above formula so that the correct value could come