This information relates to sherper co. 1. on april 5 purchased merchandise from newport company for $22,000, terms 2/10, n/10.2. on april 6 paid freight costs of $900 on merchandise purchased from newport.3. on april 7 purchased equipment on account for $26,000.4. on april 8 returned some of april 5 merchandise to newport company which cost $2,000.5. on april 15 paid the amount due to newport company in full. no. dateaccount titles and explanationdebitcredit(1)april 5(2)april 6(3)april 7(4)april 8(5)april 15assume that sherper co. paid the balance due to newport company on may 4 instead of april 15. prepare the journal entry to record this payment. (credit account titles are automatically indented when the amount is entered. do not indent manually.)dateaccount titles and 4

The link between volume of production and the cost of building manufacturing operations is particularly important in industries characterized byanswers: process innovations.product manufacturing.product innovation.process manufacturing.

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.

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.