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3 years ago

12

Suppose there an increase in production cost decreases the supply of wheat, such that less wheat is supplied at each price level

. After the decrease in supply, the equilibrium price
A. Increases
B. Decreases
C. Stays the same

1 answer:

pickupchik [31]3 years ago

8 0

Increases. hope this helps

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2 years ago

On June 1, 2022, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets, l

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Question Completion:

Cash $ 4,600

Accounts receivable 4,000

Supplies 2,400

Equipment 26,000

Total assets $37,000

Notes payable $12,000

Accounts payable 500

Service revenue 7,500

Supplies expense 1,000

Maintenance and repairs expense 600

Advertising expense 400

Utilities expense 300

Salaries and wages expense 1,400

Common stock 22,100

In June, the company issues no additional stock but paid dividends of $1,400.

Prepare an income statement, retained earnings statement, and balance sheet.

Check figures:

· Net income is $3,800.

· Total assets are $37,000.

· Total liabilities are $12,500.

Answer:

Elite Service Co.

a) Income Statement for the month of June 30, 2022:

Service revenue $7,500

Supplies expense $1,000

Maintenance and repairs expense 600

Advertising expense 400

Utilities expense 300

Salaries and wages expense 1,400 3,700

Net Income $3,800

b) Retained Earnings Statement for the month of June 30, 2022:

Net Income $3,800

Dividends paid 1,400

Retained Earnings $2,400

c) Balance Sheet as of June 30, 2022:

Cash $ 4,600

Accounts receivable 4,000

Supplies 2,400

Equipment 26,000

Total assets $37,000

Notes payable $12,000

Accounts payable 500

Total liabilities $12,500

Common stock 22,100

Retained Earnings $2,400

Total liabilities + Equity $37,000

Explanation:

Data and Calculations:

Cash $ 4,600

Accounts receivable 4,000

Supplies 2,400

Equipment 26,000

Total assets $37,000

Notes payable $12,000

Accounts payable 500

Common stock 22,100

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3 years ago

The break-even in units sold will decrease if there is an increase in: a. unit sales volume. b. total fixed expenses. c. unit va

s2008m [1.1K]

Answer:

d. Selling Price

Explanation:

Break even point is calculated as $\frac{Fixed\ cost}{Contribution\ per\ unit}$

Thus, break even point in units only in two cases,

Fixed cost is reduced that is decreased,
Contribution per unit is increased.

Now, here the options are

a. Increase in units sales volume is of no relevance as will not impact the fixed cost or contribution per unit.

b. Increase in fixed cost will result in higher break even point, as numerator in the fraction will increase.

c. Increase in unit variable cost will ultimately decrease the contribution thus, it is of no relevance.

d. Increase in selling price will increase the contribution per unit, that is the increase in denominator value in fraction, thus, break even units will decrease.

Correct option is

d. Selling Price

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4 years ago