Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)1. Record the purchase of 200 tags.
2. Record the purchase of 10 cases.
3. Record the payment of cash.
4. Record the sale of 100 tags.
5. Record the cost of goods of the 100 tags sold.
6. Record the purchase of 300 tags.
7. Record the purchase of 100 cases.
8. Record the payment of cash.
9. Record the sale of 60 cases.
10. Record the cost of goods of the 60 cases sold.
11. Record the sale of 200 tags.
12. Record the cost of goods of the 200 tags sold.

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporations’ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.

Is exploiting a distinctive competence or improving efficiency for competitive advantage. (a) cooptation (b) coalition (c) competitive intelligence (d) competitive aggression (e) smoothing

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.