Answer:
The Sherman Antitrust Act.
Explanation:
The Sherman Antitrust Act was enacted by the federal on 2nd July 1890. The act was passed in response to the growing competition among the business. The act was named after Senator John Sherman the proponent of the act. The act prohibited charging of unfair prices on farmers and merchants and favoriting large companies.
This act restrained the growth of monopolies who were practices that were trying to stop free trade.
<u>It was an anti-trust act; trusts were the big business markets from which stakeholders would transfer theirs on a single trustee. This created a monopoly in the market disabling other companies</u>.
So, the correct answer is the Sherman Antitrust Act of 1890.
Answer:
A purchase means to take possession of a given asset, property, item or right by paying a predetermined amount of money for the transaction to be completed successfully. In other words, its' an exchange of money for a particular good or service.
Answer:
$32,000
Explanation:
Cost of goods sold refers to all direct expenses incurred in producing goods and excludes all selling and indirect costs.
Cost of goods sold = Sales value - Gross Profit
Gross profit = Sales value - Direct costs - overhead costs
Gross profit per unit = $120 - ($50 + $ 20 + $10)
Gross profit per unit = $40 per unit
Gross profit in value = $40 per unit × No of units = $40 × 400 units = $16,000
Budgeted sales value = Selling price per unit × Budgeted sales units
= $120 × 400 chairs = $48000
Thus, budgeted cost of goods sold = Budgeted sales value - Gross Profit in value
= $48000 - $16000 = $32000
<u>Note</u>: While computing gross profit, selling and administrative expenses would be excluded since those are used while computing net income. Also, cost of goods sold excludes selling and administrative i.e . indirect costs.
Answer:
The answer is: A) $15
Explanation:
Consumer surplus is the difference between the maximum price a consumer is willing to pay for a product and the price of the product.
Andrew was willing to pay up to $45 for the potato cannon and its price was only $30, so the consumer surplus is $15.
The after-closing balance in a revenue account will always be zero. this statement is True
This is further explained below.
<h3>What is
a revenue account?</h3>
Generally, The amount in a revenue account is moved during the closing process from the income statement into the retained earnings account, leaving a balance at the end of the revenue account of zero.
This leaves an opening balance in the retained earnings account. Because the ending balance of one period becomes the starting balance of the following period,
In conclusion, The beginning balance of a revenue account will likewise be zero at the beginning of the period.
An after balance in an income statement will always be zero. This assertion is indeed correct.
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