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vitfil [10]
3 years ago
14

In the long run, the entry of new firms in an industry:

Business
1 answer:
Aleks [24]3 years ago
5 0

Answer:

d. Benefits consumers by forcing prices down to the level of average cost.

Explanation:

In the long run, as firms enter into the industry, price would fall. This is due to the law of supply which says the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

The entry of firms into the industry in the long run drives economic profit to zero and ensures that price is equal to marginal cost or average cost.

I hope my answer helps you

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The following does not describe the matching principle
Marizza181 [45]

Answer: The correct answer is c. Expenses are reported on the income statement when cash is paid.

Explanation: Matching principle states that expenses are matched with the related revenue in the same period, that is, expenses incurred to generate related revenue are recorded during the same time interval the related revenue is recorded in order to show the true and fair position of the profitability of the company.

Based on the above definition, <u>only option C does not align with the matching principle</u><u> </u>because expenses should be recorded in the income statement when incurred and NOT when cash is paid. If it is recorded when cash is paid, it means <em>cash basis of accounting</em> is being applied.

8 0
3 years ago
Geraldo is a vice president at Magnolis Inc. He, along with a few other individuals in his rank, is responsible for setting the
jok3333 [9.3K]

Answer: Top management

Explanation: There are several stages of management in a company to most important of them is the top management. The decisions by top managers affect the organisation as a whole and the success and failures of the  organisation highly depends on their actions. Examples of top management are directors and vice president .

In the above case, Geraldo is the vice president of the company and also he is responsible for determining the directions of operations of the company thus we can consider him in the top management.

7 0
3 years ago
How and why do congress and the president rely on administrative agencies?
GREYUIT [131]
<span>The Constitution makes it clear that the Congress, rather than the President of the United States, has power to assign</span>
3 0
3 years ago
Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, t
valentina_108 [34]

Answer: Please see explanation for answers

Explanation:

Age Group            Amount           Estimated Percent     Estimated  Amount

                              Receivable      Uncollectible                 Uncollectible

Not yet due             $ 32,000              4 %                          $1,280

0-30 days past due 10,200                 6 %                          $612  

31–60 days past due 7,200                 12 %                        $864

More than 60 days past due 2,600      30 %                      $780

Total                                  $ 52,000                                    $3536

Calculation

1) Estimated Amount Uncollectible = Amount Receivable x Estimated Percent      Uncollectible    =

4% x 32,000= $1,280

6% x 10,200=$612

12% x 7,200=$864

30% x2600=$780

Total = $3,536

The allowance for uncollectible accounts = $3,536

2) Journal to  Record the December 31, 2021, adjustment for a debit of $400

Estimated Amount Uncollectible =$3,536

Adjusted = $3536 + debit $400=$3,936

Date                   Account                  Debit             Credit

Dec 31, 2021,  Bad debts Expense    $3,936

Allowance for uncollectible accounts                    $3,936

3) Journal to  Record the write-off of $500

Date                   Account                              Debit             Credit

April 3, 2022,  Allowance for uncollectible

                             accounts                             $500

                         Accounts receivable                                     $500

4a)Journal to  reinstate  the account previously wrtten off  On July 17, 2022

Date                   Account                              Debit             Credit

July 17, 2022,   Accounts receivable             $100

Allowance for uncollectible  accounts                             $100

4b)Journal to record collection of cash  

Date                   Account                              Debit             Credit

July 17, 2022,   Cash                                    $100

     Accounts receivable                                                     $100

                                                                                                                   

5 0
3 years ago
Charles, the president of an IT company, is friends with Levi, the CEO of Cyber Industries, a company that develops and manufact
Akimi4 [234]

Answer: Option A

 

Explanation: In simple words, Ponzi scheme refers to a scheme in which a company deceit their earlier investor by paying them from the funds of recent investors in the form of profits.

In the given case, Levi deceited Charles by making him believe of a strategy that may or may not exist in his organisation. Thus, he will pay charles from the money that he will gain from the market after the announcement of the new processor.

Hence from the above we can conclude that the correct option is A.

7 0
3 years ago
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