Answer:
$17,400
Explanation:
<em>Equation to be used is as follows: </em>Beginning Prepaid Insurance Expense balance + Cash paid for insurance premium - Ending prepaid insurance balance = Insurance expense
$3,000 + Cash paid - $2,200 = $18,200
$800 + Cash paid = $18,200
Cash paid = $18,200 - $800
Cash paid = $17,400
So, the cash paid for insurance premiums during 2014 was $17,400
Answer: The answer is A. Reflects product differentiation.
Explanation:
In a monopolistic competition, companies offer products that are not equal. This product differentiation gives companies power in the market and causes each company to face a demand curve with a downward slope (if it raises the price of its product it will sell less and if it lowers it will sell more). Unlike a perfect competition market where companies face a horizontal demand curve.
Answer: Yes
Explanation: A sole proprietor is a person who is running an entrepreneurship on his own. in a sole proprietorship the law see the owner and the entity as one person and not as separate entity.
To operate their business legally a sole proprietor needs to have a general business license. It is usually required for those proprietors who have taxpayer identification number.
