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3 years ago

Briefly explain the role that the price system plays in a free enterprise market

1 answer:

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A price system that plays in a free market economy. They are used to distribute goods and resources throughout the economy.

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A new technological breakthrough increases production for an industry and shifts the supply curve to the right. If the firm ____

Katyanochek1 [597]

Answer:

The correct answer is letter "C": produces products that are considered elastic.

Explanation:

Elasticity refers to the sensitivity of a good or service to reflect change in its supply or demand after a change in price. A product's supply is said to be elastic if the changes in the quantity supplied increases and it immediately determines a price in the price.

Thus, if for technological reasons the output of a company increases, considering that the product is elastic, the prices will increases which will provide the organization more revenue. That firm will be more than glad about the technological advance.

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3 years ago

Holiday Laboratories purchased a high-speed industrial centrifuge at a cost of $440,000. Shipping costs totaled $30,000. Foundat

Yakvenalex [24]

Answer:

d. $489,500

Explanation:

The capitalized cost will include all the costs incurred by Holiday laboratories to readily make the asset for use.

Therefore,

Capitalized cost = High speed industrial centrifuge + Shipping cost + Foundation cost + Equipment cost + Labor and testing cost + Material cost

= $440,000 + $30,000 + $8,600 + $3,000 + $5,300 + $2,600

= $489,500

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3 years ago

An asset was acquired on October 1, 2021, for $78,000 with an estimated five-year life and $13,000 residual value. The company u

trasher [3.6K]

Based on the information given the gain or loss if the asset was sold on March 31, 2024 is $6,000 gain.

Depreciation per units= (Original cost - Residual value) ÷ (Estimated production units)

Depreciation per units= ($78,000 - $13,000) ÷ 20,000 units

Depreciation per units= $65,000 ÷ 20,000 units

Depreciation per units= $3.25 per units

Accumulated depreciation=(500 units × $3.25)+( 3,000 units × $3.25)+(3,500 units × $3.25)+( 1,000 units × $3.25)

Accumulated depreciation= $1,625 + $9,750 + $11,375 + $3,250

Accumulated depreciation= $26,000

Book value= Acquired value of an asset - Accumulated depreciation

Book value= $78,000 - $26,000

Book value= $52,000

Gain or Loss= Sale value - Book value

Gain or Loss= $58,000 - $52,000

Gain or Loss= $6,000 gain

Inconclusion the gain or loss if the asset was sold on March 31, 2024 is $6,000 gain.

Learn more about depreciation here:brainly.com/question/14705084

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2 years ago

Intensive distribution is most likely to be used for Unsought goods. Convenience goods. Specialty goods. Shopping goods.

Volgvan

Answer:

The correct answer is letter "B": Convenience goods.

Explanation:

Intensive distribution is the act by which companies offer their products to as many stores as possible with the purpose of having the good available almost everywhere consumers go. This type of marketing strategy fits best with convenience goods such as grocery items, fuel or newspapers.

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3 years ago

May 11 sydney accepts delivery of $40,000 of merchandise it purchases for resale from troy: invoice dated may 11; terms 3/10, n/

k0ka [10]

Answer:

Journal entries for Sydney (buyer)

May 11. Merchandise is accepted.

Dr Merchandise inventory 40,000

Cr Accounts payable 40,000

May 11. Shipping costs.

Dr Merchandise inventory 345

Cr Cash 345

May 12. Returned merchandise.

Dr Accounts payable 1,400

Cr Merchandise inventory 1,400

May 20. invoice paid within discount period.

Dr Accounts payable 38,600

Cr Cash 37,442

Cr Purchase discounts 1,158

Journal entries for Troy (seller)

May 11. Sold merchandise.

Dr Accounts Receivables 40,000

Dr Cost of Goods Sold 30,000

Cr Sales revenue 40,000

Cr Merchandise inventory 30,000

May 12. Returned merchandise.

Dr Sales returns and allowances 1,400

Dr Merchandise inventory 1,050

Cr Accounts receivables 1,400

Cr Cost of goods sold 1,050

May 20. Invoice paid.

Dr Cash 37,442

Dr Sales discounts 1,158

Cr Accounts receivables 38,600

7 0

2 years ago