Answer:
The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed is:
Debit Income Summary Account $63,300
Credit Retained Earnings $63,300
To close the income summary account.
Explanation:
a) Closing entries are made to close the temporary (Income Summary) accounts so that only the permanent (balance sheet) accounts remain. Temporary accounts are period accounts whose balances are taken to the income summary account. They are not carried over to the next accounting period, except the net financial performance result, known as the net income, which adjusts the Retained Earnings.
Answer: The price level chosen to maximize profits will be $ 6.71
Explanation:
Whenever there is price fixing between two competitors, and one of the competitor decides to choose a price level. Such competitor must ensure that the price level chosen to maximize profit does not exceed his or her competitor's marginal cost but can be above his or her marginal cost .
Since the price fixing is $10 from previous cartel price so the best price level to maximize the profit would be less than my rival's price of $ 6.72 and more than my marginal cost of $ 6.70 which is $ 6.71
Answer:
<em>B. Yes, although it may be breached in most states if there is a court order to do so.</em>
Explanation:
<em>Duty of confidentiality is a provision that has been put in place in most states, to enable clients open up freely if they need help. This allows professionals to take whatever actions necessary to carry out full service delivery when helping the client. </em>Some of these details include health status, a client-lawyer case story, a social media's access to users' personal details, etc. The law prohibits professionals from disclosing information made available to them by the client to a third party. This duty is held by many professional bodies like the medical body, legal body, among others. <em>This duty can be broken by law in situations where the client sues the professional, or when there is a legal court order to do so</em>.
Answer:
c. loses some, but not all, of its customers as your answer loses some, but not all, of its customers
Explanation:
In a monopolistically competitive product is a product that has competition in the market, but that are not quite the same product, meaning they can´t be exactly replaced by a cheaper or different brand, when a company like that rises its prices, it eventually ends up loosing some clients, but not all, because of the loyal clients and those that can´t or won´t change brands, a good example of a monopolistically competitive firm, would be Apple, which has a loyal base of costumers that eventhough prices of apple products have been rising are still loyal, they are loosing some customers to other brands but not all of them.
False, there are more than one accepted letter format.
Let's get further into learning this:
There are two basic groups, The Block Format and The Various Indented formats.
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