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the basic model of competition reviewed finds that in the long run all firms in a purely competitive industry will earn normal profits. if all firms will only earn a normal profit in the long run, why would any firms bother to develop new products or lower-cost production methods?explain.
The Loebuck grocery sells milk. The grocer orders milk from a local farmer fro $13 per case and sells for $16 per case. Unsold cases are disposed for $1.5 per case, and each case of shortage causes $3.7 loss of profit.
Explain how your position changes if the employer reports to the IRS the value of the employees' frequent-flyer mileage.
Bailey,Inc.,buys 60 percent of the outstanding stock of Luebs,Inc.,in an acquisition that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000 but was worth $500,00 at the acquisition date. What value should be at..
Include tests of transactions after the balance sheet date as well as tests of transactions during the year under audit. Show
A not-for-profit organization receives a restricted gift. When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense? What is the reason for the apparent inconsistency..
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
How many shares does Bob own in Brown Corporation assuming the same facts as in a., above, augmented by BZ's ownership of Brown shares?
Giving each salesperson the compensation option of choosing either a low salary and a high- percentage sales commission or a high salary and a low-percentage sales commission.
What are the accounting and reporting guidelines for a change in accounting principle related to depreciation methods?
How would we find out the cost of normal spoilage so that we can record it in general ledger? How would we fin out the cost of normal spoilage so that we can record it in general ledger
Prepare a fixed budget income statement for the planned level of sales and production. Prepare a fixed budget income statement for the actual level of sales and production.
Determine the tax consequences of a corporate reorganization.
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