Answer:
The correct answer is option D.
Explanation:
The equilibrium price of a pound of bacon is $3.50.
In order to protect the consumers, the government imposes a binding price ceiling of $1.50.
This price ceiling will create a shortage of bacon or an excess demand for bacon in the market.
Because of the law of demand and law of supply, at price lower than the equilibrium price, the quantity demanded will be higher while the quantity supplied will be lower.
This difference between quantity demanded and quantity supplied will create an excess demand in the market.
Answer:
Explanation
Explanation:
28 of July 2012 was the day the Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act (PPACA) in a 5 to 4 decision which was written by Chief Justice John G. Roberts. The court rightly ruled that the insurance which was provided by the Patient Protection and Affordable Care Act (PPACA) is in accordance with the legitimate use of the powers of taxation by the government and not just a certain mandate that is unconstitutional.
Answer:
12
Explanation:
Given that,
Sales price = $9 million
Estimated annual gross income = $750,000
The gross income multiplier is defined as the ratio of sales price to its effective gross income.
Therefore, the gross income multiplier is calculated as follows:
= (Sales price ÷ Estimated annual gross income)
= $9,000,000 ÷ $750,000
= 12
Answer:Woodmier journal $
1. Date
2021
Warranty expenses Dr 90,000
Warranty liability Cr. 90,000
Narration. Amount of warranty incurred for the year.
2021
Warranty liability Dr 90,000
Bank/Cash. Cr. 90,000
Narration. Payment of warranty expenditures.
2. No entry require
Explanation:
The warranty expenses since is a period of one year can be accounted for at the end of the year without requirements for provision at the beginning of the year. The actual warranty is debited to the income statement and the liability recognized as a creditor until payment.
The discontinuation of the sales of the product in 2021 will not affect the already incurred warranty liability and the account posting thereon in the following years.
