Answer:
We use the accounting equation to identify what a company owns and owes. <u>Assets </u>are resources a company owns or controls, <u>Liabilities </u> are claims creditors have against a company’s assets, and <u>Equity </u>is the owner’s claim on a company’s assets.
Explanation:
The accounting equation reads as Assets = Liabilities plus Equity.
The accounting equation forms the basis for preparing the balance sheet and the double-entry accounting system. When well prepared, the assets side should balance with liabilities and equity.
Answer:
intermediate goods or consumer goods
Explanation:
Answer:
Producing 4 units yields the highest marginal revenue at 1500.
Explanation:
To calculate marginal revenue we look at the change in revenue figure compared to the change in units. In other words dividing the change in total revenue by the change in total output quantity.
Based on the information given these are the changes in marginal revenue per quantity.
1. 1200
2. 2200 - 1200 = 1000
3. 3400 - 2200 = 1200
4. 4900 - 3400 = 1500
5. 5500 - 4900 = 600
6. 6000 - 5500 = 500
7. 6500 - 6000 = 500
8. 6200 - 6500 = (300)
Thus based on the comparisons of the different quantities optimal marginal revenue is reached at 4 units of production. 1500 total marginal revenue
Answer:
b. Manufacturing overhead applied to Work in Process for the month was $66,000
Explanation:
In posting the journal entries for a manufacturing company, the total of the amount on the credit side of the Manufacturing Overhead account represents the amount applied to and to be posted to the debit side of the Work in Process to complete the double entries.
Therefore, the correct option form the question is b. Manufacturing overhead applied to Work in Process for the month was $66,000.
Answer:
The main reason for imposing price ceilings is to protect the interests of the consumers in situations in which they are not able to afford needed commodities.
Explanation:
