Answer and Explanation:
The journal entry is shown below:
Cost of goods sold Dr $2,650 ($15,010 - $12,360)
To Inventory $2,650
(Being the cost of goods sold)
By recording this we debited the cost of good sold as it increased the expenses and credited the inventory as it decreased the assets so that the correct recording and posting could be done
Answer:
The correct answer is letter "B": There is no general rule for when an account becomes uncollectible.
Explanation:
Accounts Uncollectible represent any form of debt as a result of sales on credit that are likely not to be paid. Before classifying debt as uncollectible there is an unset timeframe that may go by.
At first, the sale on credit is considered an account receivable with a payment promise usually of 30 or 90 days. If three month passes but no payment is received, the account is considered aged receivables but if more time goes through without payment, the account then is labeled as doubtful.
Doubtful accounts become allowances if the company decides to take care of the payment of the debt with its own profit. <em>There is no set rule when an account receivable becomes uncollectible. It relies on the judgment of the firm.</em>
Answer:
b. surpluses of the commodity will develop
Explanation:
A price ceiling is when the government or an agency of the government sets the maximum price for a good or service.
If price ceiling is set above equilibrium price, suppliers would increase supply while consumers would reduce demand. This would lead to an excess supply and surplus in the economy.
When price ceiling is set above equilibrium price, it is known as a non binding price ceiling.
I hope my answer helps you
Agreed to work together to control the price of domestic steel.
The chief executive officers of the major U.S. steel makers would most likely be prosecuted under the antitrust laws if they agreed to work together to control the price of domestic steel.
<h3>What are the objectives of antitrust law?</h3>
The Sherman Act, the nation's first antitrust statute, was enacted by Congress in 1890 as a "comprehensive charter of economic liberty designed to maintain open and unhindered competition as the rule of commerce." The antitrust laws generally prohibit unauthorized mergers and business practices, leaving it to the courts to determine which ones are prohibited based on the specific facts of each case.
From the era of horses and buggies to the modern digital era, courts have applied antitrust rules to evolving marketplaces. Nevertheless, for more than a century, the antitrust laws have had the same fundamental goal: to safeguard the competitive process for the benefit of consumers, by ensuring that there are strong incentives for businesses to operate effectively, keep prices low, and keep quality high.
<h3>The three core federal antitrust laws:</h3>
- Any "monopolization, attempted monopolization, conspiracy, or combination to monopolize" is prohibited by the Sherman Act, as is "every contract, combination, or conspiracy in restraint of trade."
- The Sherman Act has harsh penalties that can be applied. The Sherman Act is a criminal law as well, and although the majority of enforcement actions are civil, anyone or any company that violates it may face legal action from the Department of Justice.
- "Unfair techniques of competition" and "unfair or deceptive activities or practices" are prohibited by the Federal Trade Commission Act.
Learn more about antitrust laws here:
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Answer:
I would choose violent crime.
Explanation:
It motivates me to choose it since it can help to make most of the other issues easier to tackle since where there is violent crime, there is usually the other issues stated in the list.
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