Suppose that instead of tariff, a quota is imposed, explain the disadvantages in terms of government revenue, and consumer welfare.
In: Economics
when the price of a good is dependent on the future event, what amount would the seller recognize as revenue?
In: Accounting
True or False. Explain.
"In forecasting the income statement, it is recommended to tie all items directly to revenue."
In: Finance
A firms demand function for a good is given by P = 107-2Q and their total cost function is given by TC = 200+3Q .
i). Obtain an expression for total revenue profit in terms of Q
ii). For what values of Q does the firm break even.
iii). llustrate the answer to (ii) using sketches of the total cost function, the total revenue function and the profit function.
iv). From the graph estimate the maximum profit and the level of output for which profit is maximised.
In: Economics
For each of the following characteristics, say whether it describes a monopoly firm, a monopolistically competitive firm, both, or neither.
Characteristic: Monopoly /Monopolistically Competitive
1. Faces a downward-sloping demand curve
2. Has marginal revenue less than price
3. Faces the entry of new firms selling similar products
4. Earns economic profit in the long run
5. Equates marginal revenue and marginal cost
6. Produces the socially efficient quantity of output
In: Economics
1- At $87 , a firm can sell 4,510 stereo earphones (3.5 mm for android). At this price, elasticity is estimated at 2.4. What is the change in total revenue (+ or -) if the firm drops price by 9%? Round your answer to the nearest dollar.
2 - At $178, a firm can sell 18,985 stereo earphones (3.5 mm for android). These are premium earphones, guaranteed for 5 years. At this price, elasticity is estimated at 0.5. What is the change in total revenue (+ or -) if the firm drops price by 11%?
In: Economics
An inexperienced bookkeeper prepared the following trial balance
that does not balance.
Prepare a correct trial balance, assuming all account balances are
normal.
|
ORIOLE COMPANY |
||||
| Debit | Credit | |||
| Cash |
$22,410 |
|||
| Prepaid Insurance |
$ 4,700 |
|||
| Accounts Payable |
4,110 |
|||
| Unearned Service Revenue |
4,790 |
|||
| Common Stock |
10,000 |
|||
| Retained Earnings |
6,600 |
|||
| Dividends |
7,140 |
|||
| Service Revenue |
26,800 |
|||
| Salaries and Wages Expense |
12,460 |
|||
| Rent Expense |
5,590 |
|||
|
$39,660 |
$64,940 |
|||
In: Accounting
In: Economics
| 4) | An extended warranty for 3 years is sold for $1,155.00 on January 1, 2009. | ||||||||||||||
| $200 is spent by the company to honor the warranty on March 7, 2009. | |||||||||||||||
| Revenue is recognized for unused portion of the warranty on December 31, 2009. | |||||||||||||||
| No money is spent in 2010 on warranties. Revenue is recognized for the unused | |||||||||||||||
| portion of the warranty on December 31, 2010. | |||||||||||||||
| (check figure: 12/31/2009 entry to unearned extended warranty = $185.00 debit) | |||||||||||||||
| Create the general journal entries to record the four transactions. | |||||||||||||||
In: Accounting
The balances of select accounts of Elliott, Inc. as of December 31, 2018 are given below:
| Notes
Payablelong short−term |
$1,400 |
|
Salaries Payable |
4,000 |
| Notes
Payablelong—long−term |
22,000 |
|
Accounts Payable |
3,000 |
|
Unearned Revenue |
1,000 |
|
Interest Payable |
2,300 |
The Unearned Revenue is the amount of cash received for services to be rendered in January, 2019. The Interest Payable is due on February 15, 2019. What are the total current liabilities shown on the balance sheet at December 31, 2018?
In: Accounting