BUSINESS HIGH SCHOOL

GoGo Gas and Fab Fuel are among the few large producers of gasoline in the country. Along with other large producers, they have formed a formal organization to control the output and price of gasoline in that country. What is such an organization called? A) collusion
B) corporation
C) partnership
D) cartel

Answers

Answer 1
Answer: Collusion and cartel are both practices to limit the competition and fixing prices.

Collusion is secretive and ilegal. Cartel is formally organized like OPEC.

The answer is cartel.
Answer 2
Answer:

The answer is D.) Cartel


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COLLEGE

On December 12, 2018, an investment costing $87,000 was sold for $114,000. The total of the sale proceeds was credited to the investment account. Required: (1) Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2018. (Ignore income taxes.) (2) Prepare the journal entry to correct the error assuming it is not discovered until early 2019. (Ignore income taxes.)

Answers

Answer:

(1) Journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2018:

Dr Investment           27,000

Cr Gain on sales      27,000

(2) Journal entry to correct the error assuming it is not discovered until early 2019

Dr Investment               27,000

Cr Retained Earning  27,000

Explanation:

As the firm was credit on the sales proceed of $114,000 into investment account while it should be credited $87,000, the investment proceed is understated by $27,000 ( 87,000 - 114,000). So, under both (1) and (2) assumption, Investment needs to raise up ( Dr) by $27,000.

The $27,000 understated in the Investment should go into (Credit) Gain on sales account. Thus, Gain on Sales account is also understated by $27,000. With different assumption (1) and (2) given, we have:

- (1) As the year 2018 is not yet closed, Gain on sales account has not been transferred into Retained Earning account yet. Thus, we adjusted directly in the Gain on sales account.

- (2) As the year 2018 was already closed, Gain on sales account has been transferred into Retained Earning account. Thus, we adjusted the Retained Earning account.

COLLEGE

Rosemont Tennis is planning for the coming year. Investors would like to earn a 13% return on the company’s $23245058 million of assets. The company primarily incurs fixed costs to maintain the tennis courts. Fixed costs are projected to be $10755370 for the year. About 500,000 court time hours are expected to be played each year. Variable costs are about $5 per hour of court time.The Rosemont Country Club and Tennis Courts has a favorable reputation in the area and therefore, has some control over the price per hour of court time. Using a cost-plus approach, what price should Rosemont Tennis charge for an hour of court time?

Answers

Answer:

The price charged per hour should be $32,55

Explanation: The cost-plus approach is based on this formula Price (P) = (Overall cost per unit)*(1 + markup) So we need to get Overall cost per unit and markup. The overall costs is the sum of the fixed cost divided by the total amount of court hours ($10.755.370 / 500.000h = $21,51), plus the variable cost per hour ($5). Then, our total cost is $26,51. The markup is the expected return on assets per hour divided by total costs per hour [($23.245.058 * 13% / 500.000) / $26,51] =  0,228. Then, the markup per hour is 22,8%. Using the cost-plus approach we get: P = 26,51 * (1 + 0,228) = $33,55 per court hour

COLLEGE

On January 16, Tree Co. paid $60,000 in property taxes on its factory for the current calendar year. On April 2, Tree paid $240,000 for unanticipated major repairs to its factory equipment. The repairs will benefit operations for the remainder of the calendar year. What amount of these expenses should Tree include in its third-quarter interim financial statements for the 3 months ended September 30?

A. $95,000 B. $75,000 C. $0 D. $15,000

Answers

Answer:

A. $95,000

Explanation:

60,000 will be property taxes for an entire year

we just need to calcualte expense from July to September thus:

60,000 x 3 months / 12 months =  15,000

The repairs are also distributed among the periods to not put the entire weight in a month or quarter:

240,000 x 3 / 9 months outstanding   =  80,000

total amount of expenses for the period July - September:

15,000 property tax expense+ 80,000 repair expense= 95,000

COLLEGE

Today, the economic systems of most nations could most accurately be classified as: A. pure capitalism.
B. pure socialism.
C. command economies.
D.mixed economies.

Answers

Answer:

D.mixed economies.

Explanation:

A mixed economy is a mix of pure capitalism and command economy.

In a pure capitalist economy, the means of production are privately owned. The market forces make production decisions.

In a command economy, the means of production is owned by the government. Government males all production decisions.

I hope my answer helps you

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