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2 years ago

An industry comprised of a very large number of sellers producing a standardized product is known as:

Business

1 answer:

mash [69]2 years ago

5 0

Answer:

The appropriate response is "Pure competition".

Explanation:

Pure competition seems to be an economically efficient circumstance where there is already a massive quantity of international customers and retailers as well as the manufacturer would be ready for deployment.
Even though both a significant quantity of products as well as extremely similar or defined consumer items seem to be characteristics of pure competition.

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Ten years ago, Cary Company issued $1,500,000 of 7 percent, 10-year bonds at a price of 95. On the maturity date of January 2, a

arsen [322]

Answer:

Explanation:

The journal entry is presented below:

On January 2

Bond payable A/c Dr $1,500,000

To Cash A/c $1,500,000

(Being the redemption of the bonds is recorded)

The discount on bonds payable would be matured on the date of maturity so in this case the face value would be recorded and it is equaled to the carrying value

3 0

3 years ago

An elderly father owns a classic car that was purchased many years ago for $7,500. The father dies and bequeaths the car to his

igor_vitrenko [27]

The available options are:

A. No capital gain or loss because the item sold was personal property

B. $2,500 long term capital gain

C. $12,500 long term capital gain

D. $22,500 long term capital gain

Answer:

$2,500 long term capital gain

Explanation:

Given that the classic car, that is an item under consideration is inherited, therefore, the cost basis to the recipient is the market value at the date of death.

Hence, the market value of the date of death is $20,000

The amount the classic car is sold is $22,500

To get the capital gain or loss, subtract the value at the date of death from the amount sold, which is $22,500 - $20,000 = $2,500

Hence, the correct answer is $2,500 long term capital gain

5 0

3 years ago

g Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in

finlep [7]

Answer:

Conversion cost per equivalent unit = $4.76

Explanation:

Conversion cost per equivalent unit = Total conversion cost / Equivalent units

Conversion cost is the sum of the direct labour cost and the factory overhead cost.

Equivalent units are notional whole units which represent incomplete work and are used to apportion cost between work progress and completed work. These units are determined as follows:

Equivalent units = Degree of work done(%) × units of inventory

Equivalent units

Item Unit Equivalent unit

Completed unit 140,000 140000× 100% 140,000

Closing inventory 31,000 31,000× 30% <u> 9,300</u>

Total equivalent unit <u>149,300</u>

Completed units = opening inventory + units started in the period - closing inventory

Completed units = 27000 + 114,000 - 31,000 = 140,000

The conversion cost = 50,850 + 601,150 = 652,000

conversion cost per equivalent unit = 652,000 /140,000 = 4.65

Conversion cost per equivalent unit = $4.76

6 0

3 years ago

A liquidated debt is an obligation the existence or amount of which is in dispute. Group of answer choices True False

VikaD [51]

Answer:

Answer: False

Explanation:

8 0

2 years ago

Typical Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2017, when the tax rate was 40%. T

Alex_Xolod [135]

Answer:

Income tax expense (Balancing figure) $13,200,000

To Deferred tax liability (8% × $15,000,000) $1,200,000

To Income tax payable ($30,000,000 × 40%) $12,000,000

(Being the income tax expense is recorded)

Explanation:

The compound journal entry is shown below:

Income tax expense (Balancing figure) $13,200,000

To Deferred tax liability (8% × $15,000,000) $1,200,000

To Income tax payable ($30,000,000 × 40%) $12,000,000

(Being the income tax expense is recorded)

For recording this, we debited the income tax expense as it increased the expenses and at the same time it also increased the liabilities i.e deferred tax liability and income tax payable so it would be credited

6 0

3 years ago