Answer:
A Price: Remain constant, Level of Output: Remain constant, Profits: Increase
Explanation:
The image attached shows the different possible solutions. Options can be eliminated based on the problem statement. First, Options B, C and D can be discounted because of the change in output levels. From the information available, the technological innovation lowers marginal cost and cost of production, however it does not affect production time or output levels.
For the two remaining options, A and E, both are possible scenarios based on the information available.
Option E:
Price decreases, output level remains the same and profit remains the same. While this is a possible outcome, as the business is a monopoly, there is no incentive for the monopolist to reduce prices along with cost as they are already the only player in the market. Especially when the reduction in price does not result in increased profit.
Option A:
Price and output level remain constant, while profit increases. This is the most likely outcome as the business is a monopoly. The owner can take advantage of the reduced costs and sell at the same price to increase profits.
It would be false, because they don’t go into the same category
Answer:
Explanation:
George's salary for the first month of 2018 was $25,000, the remainder of his salary was earned in Paris. He received $275,000 for the remaining 11 months he worked in Paris.
Answer:
Assets= Liabilities + Owner's Equity
Part B: No, all companies do not have the same accounts. The accounts depend on the types of business they are doing. For example a tailoring company would own tailoring machines. A washing company would own washing machines etc. However the accounting equation remains the same. Assets= Liabilities + Owner;s Equity. The assets accounts are included in assets and liabilities and Owner's Equity accounts are inluded in liabilities and owner's equity section.
Explanation:
Holt Food Supplies, Incorporated (HFSI)
Assets
Cash
Supplies
Trucks
Computers
Office Furniture
Land
Building
Liabilities
<em>Short term Liabilities </em>
Accounts Payable
Utilities Payable
<em>Long Term Liabilities </em>
Notes Payable
<em>Stockholder's Equity</em>
Dividends
Common Stock
Retained Earnings(+ Net profit )*
Rent Revenue
Service Revenue
Operating Expenses
utilities Expense
salaries expense
supplies expense
interest expense
The above accounts are included in the balance sheet which is given by the equation
Assets= Liabilities + Retained Earnings
The net profit is calculated from the income statement in which the revenues are added and expenses are subtracted from them to get the net profit. That profit is added to the retained earnings of the balance sheet.
Net Profit = Revenue - Expenses
