If a monopolist faces a linear demand curve, its marginal revenue curve will cross the quantity axis at the quantity related to:
a. MR=MC
b. the point of unit elasticity on demand curve
c. the minimum of average total cost
d. the profit maximizing price
In: Economics
What role do customers play in a business? What is sales revenue and how does it relate back to customers? What does “Accounts Receivable” mean? What benefit does the A/R report provide? What are credit memos and are they a good thing? What is a Trial Balance? What does an account reconciliation provide?
In: Accounting
Distinguish between an Exchange and Non-exchange transactions with regards to Revenue received by Not-for-Profits. In your answer, provide ONE example each to illustrate.
In: Accounting
What role do revenue and expense assumptions play in the development of pro forma statements
In: Finance
1.For a firm in a perfectly competitive market, marginal revenue for any positive level of output is
a) Greater than market price
b) Less than market price
c) The same as market price
2. Under what circumstances will a firm in a perfectly competitive industry definitely want to shut down all production in a short run setting?
a) When the market price is less than ATC
b) When the market price is less than AVC
c) WHen the market price is less than AFC
3. A perfectly competitive firm's supply curve is its
a)marginal cost curve.
b)average total cost curve.
c)average variable cost curve.
d) average fixed cost curve.
Suppose a perfectly competitive industry is in long run equilibrium. Then all but which of the following statements will be true for the firms in the industry?
a. price will equal marginal cost
b. price will equal minimum average variable cost
c. price will equal minimum average total cost
d. price will equal marginal revenue
In long run equilibrium, a monopolistically competitive firm will find that...
a. price is greater than both MC and ATC
b. Price is greater than ATC, but = to MC
c. Price is greater than MC but = to ATC
d. Price is = to MC and ATC
Firms in what market structure(s) set MR = MC to maximize profits?'
a. perfect competition
b. monopoly
c. monopolistic competition
d. all of the above
Firms in which market structure(s) are protected by "barriers to entry"?
a. perfect competition
b. monopoly
c. monopolistic competition
d. all of the above
A monopolist faces an inverse demand function given by P = 100 - 2Q. The firm's marginal cost is $20. The firm currently is pricing at $40 and selling the quantity demanded. Its marginal revenue at this price/quantity combination is
a. is positive and above MC; the firm should lower its price and sell more
b. is positive but below MC; the firm should raise price and sell less
c. is zero; the firm should raise its price and sell less
d. is negative; the firm should raise its price and sell less
Firms in which market structure(s) generally don't find it profitable to advertise?
a. perfect competition
b. monopoly
c. monopolistic competition
d. none of the above; firms in all market structures generally find it profitable to advertise
In: Economics
Financial information is presented below for Amazon. Please find the missing amounts.
Sales revenue
$ (a)
Sales returns and allowances
3,000
Net sales
95,000
Cost of goods sold
(b)
Gross profit
36,000
Operating expenses
(c)
Income from operations
(d)
Other expenses and losses
7,000
Net income
11,000
Please Solve As soon as
Solve quickly I get you two UPVOTE directly
Thank's
Abdul-Rahim Taysir
In: Accounting
Estimated total time cost and total revenue functions: TTC = 120 + 2N + 0.0067N3 and TTR = 120 + 0.6N2 – 0.02N3 where N is time in ten-day feeding units. Profit = TTR - TTC
a. Calculate Profit maximizing N
b.Find Average profit
c. Average profit maximizing N
In: Economics
What is the key point of revenue recognition?
| When cash changes hands between the buyer and seller |
| When control of the good or service passes to the customer |
| When customer agrees to acquire the good or service |
| When control of the good or service has passed to the customer and payment is complete |
Accounts Receivable should be reported in the balance sheet at which of the following?
| Lower-of-cost-or-market |
| Historical cost |
| Fair market value |
| Net realizable value |
At December 31, the balance in Newton Company’s allowance for uncollectible accounts had a debit balance, before adjustment, of $1,400. Newton uses the balance statement approach to estimate bad debts expense and determined that the balance of the allowance at year end should be $3.400. What adjusting entry does Newton need to make to record bad debts expense for the year?
|
Allowance for Uncollectible Accounts $3,400 Accounts Receivable $3,400 |
|
Bad Debts Expense $3,600 Allowance for Uncollectible Accounts $3,600 |
|
Bad Debts Expense $4,800 Allowance for Uncollectible Accounts $4,800 |
|
Bad Debts Expense $2,000 Accounts Receivable $2,000 |
When the LIFO method of costing inventory is in use, the seller:
| Assumes that the oldest units in inventory are sold first |
| Assumes that the most recently acquired units in inventory are sold first |
| Must sell the most recently acquired units in inventory first |
| Must sell the oldest unit in inventory first |
In: Accounting
One of the approaches the IRC (Internal Revenue Commission) uses to ensure compliance is data matching. What is it and how does maintaining records assist the taxpayer in complying with the requirements of the IRC? (80-120 words)
In: Accounting
Case Background
A sole proprietor (the owner) has established a service business specializing in recruitment for businesses needing specialized Tool Industry staff. The trail balance at the end of the first three months of operations is provided below. Part of the service is to train people before they are placed with companies. The owner has asked, you, the accountant for HR, to prepare the answers to the questions below considering the notes provided.
Trial Balance
|
Accounts |
Debits |
Credits |
|
Cash |
24,500 |
|
|
Accounts Receivable |
10,000 |
|
|
Inventories / Supplies |
3.500 |
|
|
Equipment |
50,000 |
|
|
Accounts Payable |
1,500 |
|
|
Notes Payable |
50,000 |
|
|
Capital |
15,000 |
|
|
Withdrawals |
10,000 |
|
|
Sales |
50,000 |
|
|
Salaries |
15,000 |
|
|
Advertising |
2,000 |
|
|
Accountants Fees |
1,500 |
|
|
Total |
116,500 |
116,500 |
Notes
The owner issued a cheque for $2,000 for insurance for the next three month after discovering there was no insurance in place. The cheque has not been recorded as a reduction of cash to-date. There is no insurance expense for the first three months.
The equipment must be depreciated for three months. The equipment has a service life of 5 years and monthly depreciation is estimated to be $833 a month.
Recorded revenue of $5,000 is unearned and was an advance from a client. This revenue will be earned in the next three months.
Salaries of $15,000 were paid in the first three months. However, $1,000 of salaries should be accrued as employees earned these salaries but will not be paid until the 4th month.
The owner provided services of $2,500, which were not invoiced or billed to clients in the 3rd month but were earned in accordance with the Revenue Principle.
Interest expense (Debit) needs to be recorded at the end of three months. The amount is $750 and should be recorded as a liability in Interest Payable (Credit) on the balance sheet. None of the $50,000 note has been paid to lenders yet. This note will be paid back at the end of 5 years.
Supplies of $1,500 must be expensed to Cost of Goods Sold (i.e., moved out of inventory) and a new accrual of Accounts Payable should be established for $2,000 for supplies ordered at the end of the 3rd month, and not booked to-date.
Questions
Prepare a post closing trial balance indicating the balance of revenue, expenses and capital accounts. Show the amounts in permanent and temporary accounts after the post closing entries.
In: Accounting