Scott was denied the loan because he was not old enough to qualify.
<h3>What is the Payday loan?</h3>
Payday loan is a type of unsecured loan in which high rate of the interest is given to the borrower. It is a kind of the short term loan basically for the two weeks.
According to the above situation, Scott is cannot get the payback loan because he is minor to sanction a loan. He must have the age of 18 years or above.
Learn more about payday loan here:
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Please give the options in order for us to determine which is best.
Answer:
B. the longrun profit would be negative.
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
A firm would shut down in the short run if price is less than average variable cost and exit if it is making a loss
Answer and Explanation:
The Journal entry is shown below:-
Work in progress Dr, $24,000
To Manufacturing Overhead $24,000
(Being the overhead assigned is recorded)
For recording this we debited the work in process as it increased the assets and credited the manufacturing overhead for assigning the overhead
Working note
Overhead amount = (Milling Department + Cutting department) × Overhead rate
= (1,800 + 3,000) × $5
= $4,800 × $5
= $24,000
