If an industry is perfectly competitive or monopolistically competitive, then the government has relatively little reason for concern about <span>the extent of competition. In a monopolistically </span>competitive market, products are differentiated by brand and quality but are not perfect substitutes due to this. Perfect competition is basically a theoretical market because the criteria to qualify has a perfect competitive market is hard to meet. The firms all set the price of their product and the market does not have any influence over it.
Answer:
Crawford Trucking
Calculation of book value for disposal of two vehicles:
a) The Truck sold on January 2 would not have depreciation expenses computed for it. The book value on January 1 would be the same on January 2. It is not practical to compute depreciation expense for 1 day.
b) The Truck sold on July 9 would have depreciation computed for the year 2018 pro rated for six months. The book value would be less than the Truck sold on January 2.
Explanation:
Depreciation expense may be pro rated depending on the prevailing circumstances. This becomes necessary because the sold unit may not be fully utilized for the period under review. Under the matching principle of generally accepted accounting principles, it is imperative to match revenue to the period they were incurred.
Answer:
The $200,000 represents the revenue and the $50,000 represents the profit.
Explanation:
When a debtor offers to pay a lesser amount than the creditor originally claimed was owed, and a creditor accepts, the agreement is called <u>Accord and Satisfaction</u>
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<h3>Who is a debtor?</h3>
A business or person that owes money is called a debtor. If the debt is in the form of a loan from a financial institution, the debtor is referred to as the borrower, and if the debt is in the form of securities, such bonds, the debtor is referred to as the issuer. A voluntarily petitioner for bankruptcy protection is likewise regarded as a debtor for legal purposes.
<h3>Who is a creditor?</h3>
Usually through a loan arrangement or contract, a creditor is a person or organization that offers credit to another party so they can borrow money. Creditors can be categorized as personal or actual.
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