The characteristics that describe pure competition are:
- Many sellers involved in the competition and none of them had the power to influence the price.
- Buyers also couldn't influence the price.
- It is fairly easy to come and compete in the market
- The commodities that offered in the market are similar in type and price.
Answer:
$16,300
Explanation:
When a company makes sales on account/credit, revenue is recognized as long as the recognition criteria is met. The entries posted are debit accounts receivable and credit revenue.
Should the company assess that part (or even all) of these receivables may be incollectible, a provision is made. This requires that the amount so determined by the company that may be incollectible is accounted for by
Debit Bad debt expense
Credit Allowance for doubtful debt
Hence the bad debt expense to be recorded is $16,300
Answer:
PWD's Illinois state tax base is $175,652. The right answer is D.
Explanation:
According to the given data, in order to calculate the PWD's Illinois state tax base, we would have to make the following calculation with the following formula:
PWD's Illinois state tax base = Federal taxable income+Indiana income taxes+Illinois income taxes+Indiana municipal bond interest – federal t-note interest
Therefore,PWD's Illinois state tax base=$111,000+ $18,445+33,410+$15,275-$ 2,478
PWD's Illinois state tax base=$175,652
Answer:
The answer is "Whenever a court requires him to use the res ipsa loquitur doctrine, he possibly would succeed".
Explanation:
Res ipsa loquitur is also an English common law doctrine which claims in an action for tort, throughout the absence of direct proof on whether any defendant acted, a jury may conclude neglect of the nature of an illness or incident. It is used in circumstances in which the complainant is not presented sufficient proof that the offender is not liable.
Answer:
A. True
Explanation:
The formula to compute the cost of goods manufactured is shown below:
Cost of goods manufactured = Opening work in process + Manufacturing cost - ending work in process
here the manufacturing cost refers to the direct material cost, direct labor cost and the manufacturing overhead cost i.e. indirect cost that is required to manufacturing a product
hence, the given statement is true