Answer:
<u>Transactions:</u>
1. June 1 Monthly invests $3, 910 cash in exchange for shares of common stock in a small welding business.
2. June 2 Purchases equipment on account for 340.
3. June 3 $760 cash is paid to landlord for June rent.
4. June 12 Bills P. Leonard $410 after completing welding work done on account.
<u>Journal Entries:</u>
1.
June 1 Dr. Cr.
Investment $3,910
Cash $3,910
2.
June 2 Dr. Cr.
Equipment $340
Account Payable $340
3.
June 3 Dr. Cr.
Rent Expense $3,760
Cash $3,760
4.
June 12 Dr. Cr.
P. Leonard (Receivable) $410
Welding Service Revenue $410
Answer:
Garrett Co. cash flows from operating activities is $61,000.
Explanation:
Garrett Co.
Statement of cash flows (extract)
Net income $56,000
Add Loss on disposal of equipment 5,000
Cash flows from operating activities $61,000
Loss on disposal of the equipment was calculated as Proceeds - net book value, that is $15,000 - $20,000.
Note that purchase of equipment belongs to investing part of the cash flows while proceed from stock issuance and dividend payment belong to financing part of the cash flows
Answer:
A decrease in the elasticity of demand for the cartel's product.
Explanation:
The cartel is under the control of companies operating in the same area. This is undesirable. It is concluded between businesses and these contracts prevent competition. Such arrangements are also prevented by governments, which aims to promote competition among governments across the country. This type of arrangement creates unity and demonstrates business behavior in activities that prevent other competitors from entering the sector.
Adverse effects on consumers include:
1) Higher prices - cartel members can raise prices, which reduces the demand elasticity of any member.
2) Lack of Transparency - Members may agree to hide prices or hide information such as hidden charges in credit card transactions.
3) Limited production - Members may agree to limit market production, such as OPEC and oil quotas.
4) Build Market - Cartel members can collectively divide a market into regions or regions and not compete in each other's territory.
Answer:
1. The mandatory retirement age in Wonkaland is abolished.
- INCREASE IN THE LONG RUN AGGREGATE SUPPLY CURVE: greater use of labor
2. Wonkaland's main export is candy. Candy from this country increases in popularity as consumers all over the world want to buy Wonkalandian candy.
- NO CHANGE IN THE LONG RUN AGGREGATE SUPPLY CURVE
3. Since candy from Wonkaland has become an international sensation, factories in Wonkaland double the number of candy making machines.
- INCREASE IN THE LONG RUN AGGREGATE SUPPLY CURVE: greater use of capital investments
4. The top candy companies in Wonkaland chose to relocate their means of production to other countries around the world.
- DECREASE IN THE LONG RUN AGGREGATE SUPPLY CURVE: lower use of capital investments
Explanation:
The long run aggregate supply curve is only affected by changes in capital, labor and technology. If the use of these factors increases, the LRAS curve will increase, if their use decreases, then the LRAS curve decreases.
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