On July 1, 2017, Oriole Co. pays $13,740 to Waterway Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Waterway Insurance Co. Waterway uses the accounts Unearned Service Revenue and Service Revenue.

On July 1, 2014,Deng Co. pays $13200 to Nance Insurance Co. for 1 year insurance contract. Both companies have physical years ending December 31.
Journalist the entry on July 1 and the adjusting entry on December 31 for Nance Insurance Co. Nance uses the accounts Unearned Service Revenue and Service Revenue.

Construct two graphs lined up one on top of the other.

the upper graph should reflect a total cost curve and the bottom graph should reflect the average cost curve and the marginal cost curve.

Add a total revenue curve to the upper graph and a marginal revenue curve to the lower graph such that the firm is not making a profit or suffering a loss.

It is generally true that when the price of a good is increased (all else equal) the quantity demanded of that good will decline and the revenue from the sales of the good will also decline. There are exceptions, however, where price increases result in a reduction in the quantity demanded but revenue increases.

1. Explain in detail the types of situations in which the exceptions occur. Define all the relevant terms

If ending accounts receivable exceeds the beginning accounts receivable:

A. cash collections during-the period exceed the amount of revenue earned.
B. net Income for the period is less than the amount of cash basis income.
C. no cash was collected during the period.
D. cash collections during the year are less than the amount of revenue earned.

Please Write Handwritten on the page

On your own words, explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2019

Fixed costs                                          $190,000

Variable cost per procedure                $50

Volume                                               10,000 visits                                        

Given the information above:

1. What revenue per visit is required to break even?
2. What revenue per visit is required to provide a profit of $100,000?
3. Using the answer to question 2 above, find the contribution margin required to provide a profit of $100,000

(just need a response to this) at least 150 words

the decision rule for sell a product as is or process further is if the additional revenue from processing further exceeds the additional cost of processing further, then process further. However, if the additional revenue from processing further is less than the additional cost of processing further, then sell as is and do not process further.

QUESTION 5

5.1 List FIVE (5) requirements for perfect competition to exist.

5.2 Explain why any firm maximises profit, or minimises losses, when marginal cost is equal to marginal revenue.

5.3 Explain the shape of the marginal revenue curve facing (a) a perfectly competitive firm and (b) a monopolistic firm. (10 marks