Answer:
The problem with the argument that infant industries need to be protected from foreign competitions are as follows:
1, Fall in standard of living
2. Barrier to free trade
3. Invitation to trade wars
4. Protection of inefficient industries
5. Distortion of free market actors
Explanation:
1. Fall in Standard of Living - Consumers are not forced to patronize producers of substandard products due to the barriers to suppliers of high quality imported goods.
2. Barrier to Free Trade- Trade protection is a barrier to free international trade, the gains of the principles of comparative cost advantage upon which international trade is established will be lost.
3. Invitation to Trade Wars - Other countries may take retaliatory measures
which may eventually lead to trade war between or among trade partners.
4. Protection of Inefficient Industries - The incentive to perform better is not there when infant industries are protected from foreign competitors.
5. Distortion of free market actors - Protection leads to distortion in market equilibrium which will lead to market failure.
Answer:
Cash increases and Accounts Receivable decreases(D)
Explanation:
$1000 represents earned rental income that has been recognized as revenue in the previous month but yet to be paid by customer. Hence, this would have been debited to account receivable ledger.
Upon cash receipt in the current month, this will be debited to Cash Account(Increase) and credited to Account Receivables (to reduce receivable balance).
The effect of this transaction will only affect Statement of Financial Position under current assets by reducing receivables balance and increase cash balance.
Answer:
January 31
Salaries Expense 3,000,000 (Debit)
Income Tax Payable 637,500 (Credit)
FICA tax payable 229,000 (Credit)
Accounts payable 30,000 (Credit)
Salaries payable 2,103,000 (Credit)
January 31
Salaries Expense 90,000 (Debit)
Accounts Payable 90,000 (Credit)
January 31
Payroll tax expense 415,500 (Debit)
FICA tax payable 229,500 (Credit)
Unemployment tax payable 186,000 (Credit)
The network diagram for the activities indicated above is given in the attached image.
<h3>What is a network diagram?</h3>
A network diagram is a graphical depiction of a project that consists of a number of connected arrows and boxes that illustrate the interdependence of the project's operations.
The activity description is represented by boxes or nodes, and the interaction between the activities is represented by arrows.
<h3>What is the use of a network diagram?</h3>
A network diagram enables a project manager to keep track of each component of a project and easily communicate its status to others.
It also provides:
- visual depiction of progress for stakeholders; and
- Creating project workflows.
Learn more about a network diagram:
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