<span>The adjusting entry required on December 31 is:
Debit Insurance Expense = $2,400 and credit Prepaid Insurance = $2,400.
this is how we calculate this;
Amount paid = $4,800
For months of insurance = 4
from 1st November to 31st December 2 months passed, So;
$4,800 x 2/4 = $4,800/ 2 = $2,400.</span>
Answer:
The fact that in a purely competitive industry there are neither barriers to entry nor barriers to exit is what makes economic profit, in this type of industry, impossible in the long-run.
This is because when there is economic profit in the industry, firms are lured to enter, saturating the market, and lowering economic profit to zero in the process. When this happens, some firms opt out of the industry, bringing economic profit back to positive territory, causing the cycle to repeat itself.
Answer:
The answer is B)41,600 units.
Explanation:
After the new- automated equipment's introduction, we have:
Fixed cost increased by $200,000, thus New fixed cost is: Current fixed cost + 200,000 = 840,000 + 200,000 = $1,040,000;
Variable cost is 50% of selling price, thus New variable cost is: Selling price x 50% = 50 x 50% = $25
Thus, New Contribution per one unit sold is: Selling price - Variable cost = 50 - 25 = $25.
New break-event points in units is: New Fixed cost/ New Contribution per one unit sold = 1,040,000/25 = 41,600 units.
Thus, the answer is B.
Answer:
Al
Explanation:
In order for a contract to be formed, both parties must reach an agreement (usually through offer and an acceptance of terms). The offer made by Greta was a $50 reward for her missing dogs, Al and Ben agree to the contract by searching for the dogs. Since Al finds and returns one of the Dogs, Greta has an obligation to pay Al. As for Ben, since he failed to meet the terms, he should not be paid. On the other hand, since Charlie never saw the posters, there was no contract formed because he could not possibly agree to terms he was not aware, and Greta has no legal obligation to pay Charlie.
Therefore, Greta has a legal obligation to pay Al.
