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Brilliant_brown [7]
3 years ago
6

Which of the following statements are true about both monopolistic competition and monopolies? Check all that apply. Firms earn

zero profit in the long run. Firms are not price takers. Firms can earn positive profit in the long run. Price equals average total cost in the long run.
Business
1 answer:
Dennis_Churaev [7]3 years ago
7 0

Answer:

Firms earn zero profit in the long run

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On May 10, 2020, Crane Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the f
belka [17]

Answer and Explanation:

The journal entries are shown below:

1. Accounts receivable a/c Dr $1,840

            To Sales revenue a/c Cr  $1,840

(Being the sales is recorded)

2. Cost of goods sold a/c Dr $1,170

                  To Inventory a/c Cr $1,170

(Being the cost of goods sold is recorded)

3. Cash a/c Dr $1,840

          To Accounts receivable a/c Cr $1,840

(Being the payment received is recorded)

Only these three entries are recorded

3 0
3 years ago
Since its formation, Roof Corporation has incurred the following net Section 1231 gains and losses. Year 1$(12,000)Net Section 1
vekshin1

Answer:

a. $0 will be reported as capital gain, while $7,500 will be reported as ordinary gain.

b. $1,000 will be reported as capital gain, while $8,000 will be reported as ordinary gain.

Explanation:

Note: This question is not complete as part 'a' of the requirement is omitted. The complete question with the part 'a' of the requirement is therefore provided before answering the question as follows:

Since its formation, Roof Corporation has incurred the following net Section 1231 gains and losses.

Year 1  $ (12,000)    Net Section 1231 loss

Year 2      10,500      Net Section 1231 gain

Year 3    (14,000)     Net Section 1231 loss

a. In year 4, Roof sold one asset and recognized a $7,500 net Section 1231 gain. How much of this gain is treated as capital, and how much is ordinary?

b. In year 5, Roof sold one asset and recognized a $9,000 net Section 1231 gain. How much of this gain is treated as capital, and how much is ordinary?

Explanation of the answer is now provided as follows:

When section 1231 losses exceed section 1231 profits in the prior five years, the excess loss (unapplied loss) is applied against the current year's section 1231 gain.

The amount that is reported as ordinary income is the amount of the loss that is applied against the current year's section 1231 gain.

Long-term capital gain is the excess of the current year's section 1231 gain over the the recaptured section 1231 loss from the prior five years.

You have to start with the earliest year to apply section 1231 losses from the previous five years to the current year's section 1231 gain.

Therefore, we have:

a. In year 4, Roof sold one asset and recognized a $7,500 net Section 1231 gain. How much of this gain is treated as capital, and how much is ordinary?

As a result of the loss from the previous year that is applied to the extent of $7,500, the whole of the $7,500 net Section 1231 gain will be recorded as ordinary gain.

Therefore, $0 will be reported as capital gain, while $7,500 will be reported as ordinary gain.

b. In year 5, Roof sold one asset and recognized a $9,000 net Section 1231 gain. How much of this gain is treated as capital, and how much is ordinary?

Unapplied losses in previous years can be calculated as follows:

<u>Details                                                       Amount ($)   </u>

Net Section 1231 loss in Year 3                  (14,000)    

Net Section 1231 gain in Year 4                   7,500

Net Section 1231 loss in Year 1                  (12,000)

Net Section 1231 gain in Year 2               <u>   10,500  </u>

Unapplied losses in previous years    <u>    (8,000)  </u>

Because there are unapplied losses of $8,000 from previous years, $8,000 will be reported as ordinary gain.

Therefore, the amount to be reported as capital gain can be calculated as follows:

Amount to be reported as capital gain = Gain in Year 5 – Amount to be reported as ordinary gain = $9,000 - $8,000 = $1,000

Therefore, $1,000 will be reported as capital gain, while $8,000 will be reported as ordinary gain.

8 0
3 years ago
Due to the rise of large-scale production, the influx of peasants to urban areas to find work, and the development of a system o
Strike441 [17]

Answer:

Barter system

Explanation:

Barter system - it is system of exchanging the good and service with others good and service in that return. the main point to note in this is that medium of offering services and goods is ignored i.e. money.

these type of system is used in society from centuries and long time back before money was introduced.

8 0
3 years ago
A company uses the weighted-average method of inventory valuation under a periodic inventory system. The company began the year
Lady bird [3.3K]

Answer:

$935.61

Explanation:

Firstly, we need to calculate weighted average inventory cost at every time anchors (purchase - in or sell - out)

At time t = 1, 64 units @ 5 per unit.

At time t = 2, 64 + 110 = 174 units @ (64 x 5 + 110 x 5)/(64 + 110) = 5 per unit.

At time t = 3, 174 - 90 = 84 units @ 5 per unit.

At time t = 4, 84 + 55 = 139 units @ (84 x 5 + 55 x 6)/(84 + 55) = 5.40 per unit.

At time t = 5, 139 - 90 =  49 units @ 5.40 per unit.

Cost of goods sold for the year = 90 x 5 + 90 x 5.40 = $935.61

7 0
3 years ago
Concord Communications anticipated that 10,000 workers were planning to strike over unfair compensation. Management started to c
WINSTONCH [101]

Answer: strikebreakers.

Explanation:

Strikebreakers are the people who are employed by an organization in place of the employees who are on strike. Strikebreakers make the strike ineffectual as they perform the work of the employees who have gone on strike.

Strikebreaker work even though there's ongoing strike. Strikebreakers are usually not employed by the firm before the trade union dispute, but are employed during or after the strike to keep the organization running.

8 0
3 years ago
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