Antitrust laws prevent monopolies.
<span>A monopoly is a company or business that dominates a particular market to such an extent that there is no viable competition to that company. </span>
<span>Since a monopoly does not have any other serious competition in a market, the monopoly is at greater liberty to charge higher prices and offer lower-quality prices. </span>
<span>Antitrust laws break up or limit the size of monopolies, allowing other companies to enter a market.</span>
Answer:
The correct answer is letter "D": Departments determine their needs and relate them to the overall goals.
Explanation:
The bottom-up budgeting approach consists in giving each department within a firm the power of setting and controlling their budget according to the projects the department intends to develop that matches with the ultimate goal of the organization as a whole. It might be beneficial because each department is likely to come up with a budget that adjusts better to their needs but it could represent a headache for the company when it comes to racking each expense for each area.
Answer:
1. General journal entries to record each transaction.
Jan. 1 Dr. Cr
Cash $103,000
Common Stock $103,000
Jan. 2 Dr. Cr
Inventory $38,000
Account Payable $38,000
Jan. 4 Dr. Cr
Prepaid Insurance $2,760
Cash $2,760
Jan. 10 Dr. Cr
Account Receivable $12,300
Sale $12,300
Cost of Goods Sold $7,300
Inventory $7,300
Jan. 15 Dr. Cr
Cash $33,000
Note Payable $33,000
Jan. 20 Dr. Cr
Salary Expense $33,000
Cash $33,000
Jan. 22 Dr. Cr
Cash $10,300
Sale $10,300
Cost of Goods Sold $6,300
Inventory $6,300
Jan. 24 Dr. Cr
Account Payable $15,300
Cash $15,300
Jan. 26 Dr. Cr
Cash $6,150
Account Receivable $6,150
Jan. 28 Dr. Cr
Utility Expense $1,000
Cash $1,000
Jan. 30 Dr. Cr
Rent Expense $2,150
Prepaid Rent $2,150
Cash $4,300
2.
MS Excel File is attached for T accounts Posting in Worksheet Named as " T Account". Please Find that.
3.
MS Excel File is attached for unadjusted trial balance in Worksheet Named as " Trial Balance". Please Find that.
Answer:
The correct answer is False.
Explanation:
This statement is false, because as much as the sales prices, the quantities sold and the income received from sales never change. For this reason it is considered that the cost of goods sold will always be different. It was taken into account that the price of the inventory increased.
Answer:
Dr Accounts payable 1850
Cr Merchandise inventory $37
Cr Cash $1813
Explanation:
Preparation of the journal entry to record the payment on July 12 Using the gross method,
JOURNAL ENTRY
Jul-12
Dr Accounts payable ($2300-450) 1850
Cr Merchandise inventory ($1850*2%) $37
Cr Cash $1813
($1850-$37)
(Being entry recorded for payment to supplier)
