Answer:
1) The government prohibits gas stations from selling gasoline for more than $3.40 per gallon.
This statement is an example of price ceiling as the gas stations cannot raise their price above $3.40 but can sell it at any price lower than the ceiling price of $3.40. This is binding
2) Due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from doing so. This is neither a price ceiling or floor as government isn't directly affecting the price with their policy
3) The government has instituted a legal minimum price of $3.40 per gallon for gasoline. This is an example of price floor and is binding. The reason it is a price floor is because the petrol stations cannot charge a price below $3.40 but can charge any price above the floor price of $3.40
Explanation:
Answer:
1/3
Explanation:
What is the size of MRSTO = 1 /3
The marginal rate of substitution calculates the rate at which a consumer would give up a unit of one good in exchange for one unit of another good while maintaining the same level of utility.
Answer:
(d) Manufacturing Overhead $8,000 Raw Materials $8,000
Explanation:
This will be an spending associate with the actual overhead.
These materials are indirect, so it should go in the factory overhead account.
They are not associate with any job in particular, so it cannot be capitalize through work in process.
Answer:
A debit to Unearned Rent and a credit to Rent Earned for $2,400
Explanation:
When cash is collected in advance for revenue from lease, the revenue will not be recorded as revenue until the lease service has been performed. Hence the cash collected in advance will be recorded as
Debit Cash $6,400
Credit Deferred revenue $6,400
Being cash collected on October 1 for lease to run for 8 months.
Between October 1 and December 31 is 3 months.
Hence, amount earned
= $800 × 3
= $2,400
To recognize this amount, Debit Unearned/Deferred revenue, credit revenue with the amount earned.
Answer
He should ask him/her whether is a member and ask for a membership card.
Explanation
Membership cards are small cards that are used by or within a certain organisation for the purpose of verifying whether a person is a valid member of that organisation or club or whichever type of a group it is . For one to have a membership card you have to pay a certain amount of money as a membership fee to that organisation. The fee might be annually regarding to the terms of that organisation.
