Answer:
C. a circular flow of influences
Explanation:
The free market system is an economic system in which the prices for products and services is decided by supply and demand without the intervention of the government. As this system is based in the supply and demand, this forces infuence each other which generates a circular flow of influence. According to this, the answer is that the free market is characterized by a circular flow of influences.
Answer:
Paid-in capital.
Explanation:
Philip's Inc. reports stockholders' equity on its financial statements. The two items reported in the stockholders' equity section of Philip's balance sheet are paid-in Capital and Retained Earnings.
In Financial accounting, Paid-in capital is one of the most essential components of the equity of a business and can be defined as the payments received in full (cash or assets) from shareholders (creditors or investors) in exchange for a company's stock. It comprises of common stock and preferred stock.
Answer:
Both provide jobs in the community
Both contribute to innovation through competition
Question Completion:
Prepare an Income Statement for the month of June.
Answer:
Windsor, Inc.
Income Statement for the month ended June 30, 2017:
Service Revenue $7,730
Supplies expense 1,100
Maintenance and
repairs expense 700
Advertising expense 400
Utilities expense 200
Salaries and
wages expense 1,630 $4,030
Net Income $3,700
Explanation:
Windsor, Inc. Income Statement is where the revenues and expenses are summarized in order to arrive at the net income or profit of the business. Temporary accounts are closed to the income statement. These are accounts that are periodic in nature. They are not permanent accounts, which are transferred to the next period. The only element of the income statement that is taken to the balance sheet is the net income or loss.
Since the indirect cost cannot be conveniently or economically traced directly to a cost pool or cost object, the management accountant will assign them by means of cost allocation.
<h3>What is the indirect cost?</h3>
The cost that is not directly related to the manufacturing process but plays a significant role in business is referred to as an indirect cost. It includes rent, salaries, office expenses, administration expenses, stationery, and so on.
The distribution of a single expense among numerous organizations, departments, or cost centers is known as cost allocation. It facilitates decision-making, waste reduction, and product pricing for businesses.
Learn more about cost allocation, here:
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