Answer:
Prepare closing entries for Wildhorse Co. on December 31, 2017
Explanation:
Sales revenue 417.650
Sales discount 15.020
Cost of goods 224.679
Selling expense 16.320
Administrative expense 38.719
Income tax expense 30.480
sales return and allowance 11.914
retained earnings 104.346
Answer:
The correct answer is letter "D": The football game you forego by watching the movie again.
Explanation:
Opportunity cost is what a person sacrifices when they choose one option over another. Opportunity cost is calculated by subtracting the return of the forgone option from the return of the chosen option. The result represents what was left on the table. Sometimes the chosen option can provide better returns than the forgone option and vice-versa.
In that case, the opportunity cost of watching "<em>The Dark Knight Rises</em>" one more time with a friend is the <em>football game </em>left behind.
Answer: Longer-term project
Explanation:
At the beginning of a project, it may not be possible to estimate the costs for all activities with some levels of confidence regarding their accuracy if the project isn't a short-term project, because it's not really possible to accurately fortell the costs of unforseeable outcomes and factors that may affect the project in one way or the other in the long run.
Answer:
summing horizontally the segments of the MC curves lying above the AVC curve for all firms.
Explanation:
In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.
This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.
Generally, a perfectly competitive market is characterized by the following features;
1. Perfect information.
2. No barriers, it is typically free.
3. Equilibrium price and quantity.
4. Many buyers and sellers.
5. Homogeneous products.
The short-run supply curve for a purely competitive industry can be found by summing horizontally the segments of the marginal cost (MC) curves lying above the average variable cost (AVC) curve for all firms.
