Answer:
A group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries is called common market.
Explanation:
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Answer:
Estimated manufacturing overhead rate= $3 per machine hour
Explanation:
Giving the following information:
Machine Hours Per Unit:
Rings= 6 (1,000 units)
Dings= 11 (2,040 units)
All of the machine hours take place in the Fabrication Department, which has an estimated total factory overhead of $85,200.
To calculate the estimated manufacturing overhead rate we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Estimated manufacturing overhead rate= 85,200/(6,000 + 11*2,040)= $3 per machine hour
An example of a natural monopoly industry operating in South Africa include "Eskom".
<h3>
What is natural monopoly?</h3>
A natural monopoly occurs when there is an instance in which it is economically viable and better for a single entity to be in full and sole control of the production of a product or service.
Moreover, a natural monopoly is the fact that natural monopolies have extreme economies of scale. It can only start to become profitable when one single firm is able to service the majority of the market.
Learn more about natural monopoly, refer to the link:
brainly.com/question/4417882
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Answer:
Explanation:
The journal entries are shown below:
On July 1
Prepaid insurance A/c Dr $9,400
To Cash A/c $9,400
(Being the prepaid insurance for cash is recorded)
On December 31
Insurance expense A/c Dr $2,350
To Prepaid insurance A/c $2,350
(Being the insurance expense is recorded)
The computation is shown below:
= Prepaid insurance amount ÷ number of years × number of months ÷ total number of months in a year
= $9,400 ÷ 2 years × 6 months ÷ 12 months
= $2,350