Answer:
Exit the market.
Explanation:
Suppose there are X firms in a competitive market and they are all making normal profits. If the demand for their products decreases, some of the firms will start to sell less, which will result in lower profits or even losses. In the long run, those firms that experience lower sales resulting in lower profits or losses, will exit the market. Once these firms exit the market, the quantity supplied should decrease, which will result in a price increase.
Answer:
Debit Rent Receivable, $7,400; credit Rent Earned, $7,400.
Explanation:
As $3,700 is the revenue for Chase Company and accrued revenue is recorded in the receivable account. The rent for November and December is accrued and did not received by Chase Company. On December 31 the adjusting entry for the two month expense will be recorded as follow
Dr. Rent Receivable ( $3700 x 2) $7,400
Cr. Rent Earned $7,400
Note:
According to given data in the question the options are inconsistent with the question. Following answer is made according to given data.
As $4,000 is the revenue for Chase Company and accrued revenue is recorded in the receivable account. The rent for November and December is accrued and did not received by Chase Company. On December 31 the adjusting entry for the two month expense will be recorded as follow
Dr. Rent Receivable ( $4000 x 2) $8,000
Cr. Rent Earned $8,000
Answer:
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Explanation:
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Answer: Gus should keep the files A. and D.
Explanation:
I don’t believe that he should keep B. due to D. showing an update to B. so, he shouldn’t keep B. so that he doesn’t get confused by both B. and D. being in the files.
Answer:
The correct answer is letter "D": All of the above.
Explanation:
Alternative Minimum Tax (AMT) is an action taken by the Internal Revenue Service (IRS) to encourage every taxpayer to pay at least the minimum amount possible out of the income received. This includes a series of deductions that are not limited to <em>standard deductions</em>, <em>personal exemptions, medical and dental expenses, charitable donations, qualified taxing interest, </em>and <em>casualty losses</em>.
