Answer:
The correct answer is letter "D": incorrect because all inputs are varied in the example.
Explanation:
The law of Diminishing Marginal Productivity states that increasing one variable will keep the others the same. My initially increase output but eventually adding more of that one variable may lead to a diminishing rate of return. The law helps explain why increasing production is not always the best way to increase profits.
The law of Diminishing Marginal Productivity only applies when certain inputs are fixed, but in this example, the amount of labor available varies since it is increasing.
Answer:
Im going with b because i cant see the picture
Explanation:
The correct answer would be option C, Traded up.
If a salesperson persuades a customers to purchase a higher priced item than the customer initially intended, the salesperson has Traded up the customer.
Explanation:
Salespersons usually help customers in buying the products of their needs and desires. Success of a salesperson depends upon how beautifully he grabs the customer and closes a sale.
When a salesperson trades something to a customer which is more expensive than the product which customer was previously intended to buy, it means that the salesperson has traded up the customer.
For example, if a salesperson persuades a customer to buy an automobile worth $20,000 rather than an automobile of worth $10000, it means, the salesperson has traded up the customer.
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Answer:
The effect of this error on 2003 ending working capital is that it overstated the ending 2003 working capital.
The error does not have effect on the 2004 ending retained earnings balance.
Explanation:
Let the amount of the commission expense be xxxx.
At the end of 2003, the journal entries should have been as follows:
Debit Commission expense for xxxx
Credie Commission payable for xxxx
Also, we have:
Working capital = Current assets – Current liabilities ………… (1)
From equation (1), current liabilities are understated because commission payable which was not recorded is an item under current liabilities. Since the current liabilities are understated, that indicates that the working capital in equation is overstated. Therefore, the effect of this error on 2003 ending working capital is that it overstated the ending 2003 working capital.
When the 2003 commission expense in the entries above was paid in 2004, it would have been recognized as an expense. This made the error to counterbalance. This implies that the 2004 ending retained earnings balance is still correct despite that there are errors in the earnings of the two years. Therefore, the error does not have effect on the 2004 ending retained earnings balance.
