Answer:
The correct answer is option C.
Explanation:
A monopolistic competitive firm has a downward sloping demand curve. Such a firm is a price maker. It decides price and output through the interaction of the marginal revenue and marginal cost.
The marginal revenue is the change in revenue because of selling an additional output. At high prices, the marginal revenue will be positive while at low prices it will be negative.
The family should be less likely to eat out on Tuesday as compared to the general population.
Given that,
- Out of 200 people, 15 people should eat out on Tuesday.
- Now only look 60 families out of this 10 should be preferred to eat out on Tuesday.
Based on the given information, we can conclude that the family should be less likely to eat out on Tuesday as compared to the general population.
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Answer:
B. Prepaid insurance is shown on the income statement
Explanation:
Prepaid insurance first and foremost is a current asset and as such will not reflect in the income statement but in the statement of Financial Position or Balance Sheet.
Although, prepaid insurance will be shown as paid within the year, it must be deducted from the insurance premium paid for the current year and then reported in the balance sheet as a current asset.
Prepaid insurance is treated as a current asset because it is an indication of insurance premiums paid for by the company in advance. It is a payment for economic benefits that will be enjoyed in the future, therefore it is a current asset. The only part of an insurance premium that shows in the income statement is the insurance expense paid for insurance benefit enjoyed in the current period
The following makes notes receivable :
- Notes receivable are formal written contracts.
- Notes receivable have a stronger legal claim.
- Notes receivable are interest bearing.
<h3>What are Notes Receivable?</h3>
Notes receivable are a balance sheet item that records the value of promissory notes that a business is owed and should receive payment for. A written promissory note gives the holder, or bearer, the right to receive the amount outlined in the legal agreement. Promissory notes are a written promise to pay cash to another party on or before a specified future date.
If the note receivable is due within a year, then it is treated as a current asset on the balance sheet. If it is not due until a date that is more than one year in the future, then it is treated as a non-current asset on the balance sheet.
Often, a business will allow customers to convert their overdue accounts (the business’ accounts receivable) into notes receivable. By doing so, the debtor typically benefits by having more time to pay.
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