Answer:
c. the entry of new firms
Explanation:
- The entry of the new firms in the market creating a market supply curves to shift to the right side and as the curve shifts the markets price then starts to decline with it
- This declines the economic profits in the new and the existing firms as long as the profits exists in the markets and entry will continue to shift to supply to the right.
- The diversification of the melt and the fall in the monopoly of the firms start to take place.
- They take up resource ownership and technological developments. In short, they increase the competitiveness and bring rivalry into the market.
Answer:
$5,200
Explanation:
Calculation for the bad debt expense to be recorded for the year
Using this formula
Bad debt expense= Ending balance in allowance for doubtful accounts - Unadjusted allowance for doubtful accounts
Let plug in the formula
Bad debt expense= $ 7,000 - $ 1,800
Bad debt expense= $ 5,200
Therefore the amount of bad debt expense to be recorded for the year will beb $ 5,200
<span>What did the Nixon administration do to help close the economic gap between blacks and whites? Nixon's administration developed the civil rights law concerning blacks and whites to end discrimination and racial activity within the United States. Civil rights laws were developed to guarantee rights and equal treatments between different types of individuals. No discrimination allowed. </span>
Based on financial and accounting principles, the general message of the full disclosure principle is that "<u>the lack of evidence that something resides in a favored category will often suggest that it belongs to a less favored one."</u>
This is because the full disclosure principle state that all information should be documented in a company or individual financial statements which are believed to affect a reader's knowledge of that specific financial statement.
This ensures that every party that needs to access the financial statements under concern should fully understand them without missing any form of information.
Otherwise, any missing link or information will be ruled in favor of the less favored party in a legal situation.
Hence, in this case, it is concluded that the correct answer is option D.
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The purpose of financial accounting is to provide information that helps with the assessment of a firm's financial history and current performance. Financial accounting includes income statements, balance sheets, and statements of cash flows.
