(a) On July 1, Blue Spruce Co. sold merchandise on account to Waegelein Inc. for $17,300, terms 2/10, n/30. (b) On July 8, Waegelein Inc. returned merchandise worth $4,000 to Blue Spruce Co. (c) On July 11, Waegelein Inc. paid for the merchandise. Account Titles and Explanation Debit Credit (a) enter an account title Accounts Receivable enter a debit amount 17300 enter a credit amount enter an account title Sales Revenue enter a debit amount enter a credit amount 17300 (b) enter an account title Sales Returns and Allowances enter a debit amount 4000 enter a credit amount enter an account title Accounts Receivable enter a debit amount enter a credit amount 4000 (c) enter an account title Cash enter a debit amount enter a credit amount enter an account title Sales Discounts enter a debit amount enter a credit amount enter an account title Accounts Receivable enter a debit amount enter a credit amount

Which of the following statements is correct? a) 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 corporationsb) most businesses (by number and total dollar sales) are organized as proprietorships or corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, primarily because corporations have important tax advantages over proprietorships and partnerships.c) due to legal considerations related to ownership transfers and limited liability, which affect the ability to attract capital, most business (measured by dollar sales) is conducted by corporations in spite of large corporations' less favorable tax treatmentd) large corporations are taxed more favorably than proprietorshipse) corporate stockholders are exposed to unlimited liability

Consider how health insurance affects the quantity of health care services performed. suppose that the typical medical procedure has a cost of $160, yet a person with health insurance pays only $40 out of pocket. her insurance company pays the remaining $120. (the insurance company recoups the $120 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undergo.) consider the following demand curve in the market for medical care. use the black point (plus symbol) to indicate the quantity of procedures demanded if each procedure has a price of $160. then use the grey point (star symbol) to indicate the quantity of procedures demanded if each procedure has a price of $40. q d at p=$160 q d at p=$40 0 10 20 30 40 50 60 70 80 90 100 200 180 160 140 120 100 80 60 40 20 0 price of medical procedures quantity of medical procedures demand if the cost of each procedure to society is truly $160, the quantity that maximizes total surplus is procedures. economists often blame the health insurance system for excessive use of medical care. given your analysis, the use of care might be viewed as excessive because consumers get procedures whose value is than the cost of producing them.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period