Recording equipment at its present value, which is the face value of the note payable, is an essential accounting practice. This method accurately reflects the true cost of the equipment and allows for proper computation of depreciation and interest expense.
Furthermore, recording the equipment at its present value also allows for more accurate depreciation of the asset over its useful life. Depreciation is the gradual decrease in the value of an asset over time due to wear and tear, obsolescence, or other factors. By recording the equipment at its present value, the company can compute its depreciation expense accurately, which directly affects the company's net income and taxes.
It is important to note that the interest expense on the note payable is also recorded separately and appears on the company's income statement. This interest expense represents the cost of borrowing the funds necessary to buy the equipment, and it must be paid separately from the principal amount.
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A statistical program is recommended.
The owner of Showtime Movie Theaters, Inc., would like to predict weekly gross revenue as a function of advertising expenditures. Historical data for a sample of eight weeks follow.
Weekly
Gross
Revenue
($1,000s) Television
Advertising
($1,000s) Newspaper
Advertising
($1,000s)
96 5.0 1.5
90 2.0 2.0
95 4.0 1.5
92 2.5 2.5
95 3.0 3.3
94 3.5 2.3
94 2.5 4.2
94 3.0 2.5
The owner then used multiple regression analysis to predict gross revenue (y), in thousands of dollars, as a function of television advertising (x1), in thousands of dollars, and newspaper advertising (x2), in thousands of dollars. The estimated regression equation was
ŷ = 83.2 + 2.29x1 + 1.30x2.
(a)What is the gross revenue (in dollars) expected for a week when $2,000 is spent on television advertising
(x1 = 2) and $2,000 is spent on newspaper advertising (x2 = 2)? (Round your answer to the nearest dollar.)
$
(b)Provide a 95% confidence interval (in dollars) for the mean revenue of all weeks with the expenditures listed in part (a). (Round your answers to the nearest dollar.)
$ to $
(c)Provide a 95% prediction interval (in dollars) for next week's revenue, assuming that the advertising expenditures will be allocated as in part (a). (Round your answers to the nearest dollar.)
$ to $
The gross revenue (in dollars) expected for a week when $2,000 is spent on television advertising and $2,000 is spent on newspaper advertising can be calculated as follows.
Therefore, the expected gross revenue is approximately $90,180. (Round your answer to the nearest dollar.Therefore, option a is correct. To obtain the confidence interval, the formula for a 95 percent confidence interval is as follows where ŷ is the predicted value, s² is the estimated variance of the error term.
The value of t(α/2) for a 95 percent confidence interval with 6 degrees of freedom is Therefore, the 95 percent confidence interval is (Round your answers to the nearest dollar.Therefore, option b is correct. The prediction interval can be calculated using the following formula where is the predicted value, is the estimated variance of the error term, xi is the value of the independent variable, is the mean of the independent variable, and t(α/2) is the critical value of t for a 95 percent prediction interval and N - 2 degrees of freedom. Therefore, option c is correct.
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Underground Food Store has 4,000 pounds of raw beef nearing its expiration date. Each pound has a cost of $4.50. The beef could be sold "as is" for $3.00 per pound to the dog food processing plant, or roasted and sold in the deli. The cost of roasting the beef will be $2.70 per pound, and each pound could be sold for $6.40. What should be done with the beef, and why?
Answer: The beef should be roasted.
Explanation:
Sales revenue
Sell as is: 4000 × $3 = $12000
Processed further: = 4000 × $6.40 = $25600
Increase/Decrease in income: = $13600
Purchase cost:
Sell as is: 4000 × $4.50 = $18000
Processed further: = 4000 × $4.50 = $18000
Increase/Decrease in income: = $0
Cost of roasting:
Sell as is: 0
Processed further: = 4000 × $2.70 = $10800
Increase/Decrease in income: = -$10800
Net income = $13600 - $10800 = $2800
Since there is a net income of $2800 when they beef is roasted, therefore it should be roasted.
Someone help me with this please
Answer:
A. hom0zygous dominant
Explanation:
A capital letter is a dominant gene and two dominant genes would be hom0zygous
Answer:
C none of the above
[Sorry if I'm wrong but I'm pretty sure it's that one]
Explanation:
The answer should be genotype=the Gene's of an organism
What is important for starting a charity
Explanation:
One of the most vital things to consider when you are starting a nonprofit is your mission. Writing a mission statement of one to two sentences can outline why it exists, what the organization does, who it serves and where it provides services all in one place
Jamie is researching places to live after graduating college he asked you I keep coming across as phrase cost-of-living I’ve never heard of it before do you know what it means which of the following definitions would you choose to explain to Jamie about cost-of-living means
Answer:
The cost of living refers to the prices of goods and services needed to sustain an average level standard of living in an area
Explanation:
The cost of living refers to the cost of keeping up with a given standard of living. It is the amount Jamie would need to keep up with basic expenses such as food, housing, clothing and medical care. Cost of living compares the expense between living in two different areas. Jamie's cost of living is tied to his wages and it can be measured using what is called purchasing power parity.
PLEASE HELP!!!!!! I DON'T KNOW THIS AND IT'S FOR MY FINALS!!!!!!!!!!!
Which term BEST describes the blinking line in a word processing document that marks the spot where text appears as it is typed?
flash mark
mouse indicator
launch location
insertion point
Answer:
The insertion point—also called a cursor—is the blinking line in your document that indicates where text is inserted when you type
A is made up of or more and a section, is commanded by a ,
What does a management accountant need to do before he or she can take the exam to become a certified management accountant?
A. complete 60 hours of graduate coursework
B. Have two hours of professional experience
C. Complete 30 hours of graduate coursework
D. Have five years of professional experience
Answer:
Have Two Years of professional experience
Explanation:
looked it up
Contact a few information systems professionals and ask them what types of operating systems they use in their organizations. (Alternatively, you may browse through articles in business periodicals for the same information.) Fill in the table with information about the operating systems used in four different organizations. Also, give reasons for each company’s choice of operating systems.
An operating system (OS) is indeed the mechanism that manages all those other application components in a computer after being installed into the system first by a boot program.
What is an Operating System?An operating system consists of system software that regulates the hardware, software, and resources of a computer.
A group of software applications that coordinate the activities of computer systems is referred to as an "operating system." It serves as a link at the point where humans and machines interact.
Essential features for controlling devices linked to a computer are provided by operating systems. These processes include managing storage devices, processing inlet, and outlet requests, and allocating memory. A keyboard, mouse, printer, or whatever other connected device could be this one.
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Stephanie makes $ 16.89 working at chipotle. she works 40 hours a week. calculate his net salary after deducting 6.2% or (0.062) for social security deduction and 2.9% or (0.029) for medicare deduction. what is her net pay?
If Stephanie makes $ 16.89 per hour at Chipotle, her net compensation would be $431.25. After subtracting 6.2% or (0.062) for social security deduction and 2.9%, she works 40 hours each week for his net pay.
net pay = $(105.75+325.50)
In the United States, the Old-Age, Survivors, and Disability Insurance (OASDI) program, which is operated by the Social Security Administration (SSA), a federal agency, is referred to as "Social Security." Although its retirement benefits are its most well-known feature, it also offers income for injured workers and survivor benefits.
At the end of September 2022, more than 70.4 million Americans were receiving benefits. Let's examine how Social Security functions and how much money you might anticipate receiving from it. If Stephanie makes $ 16.89 per hour at Chipotle, her net compensation would be $431.25. After subtracting 6.2% or (0.062) for social security deduction and 2.9%, she works 40 hours each week for his net wage.
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What is an investment portfolio?
A. A selection of varied accounts
B. A selection of varied instruments
C. A selection of varied applications
D. A selection of varied stocks and bonds
Answer:
In finance, a portfolio is a collection of investments aka stocks and bonds!
Why does the US import oil?
A.because it has exported too much oil
B.because it does not produce any oil
C.because it does not produce enough oil
D.because it has exported too little oil
Answer:
C. because it does not produce enough oil.
Explanation:
Although, the United States is one of the leading producers of oil, yet still import oil because it does not produce enough oil to meet the demand of its citizens. In other words, the United States consumes more than what she can produce.
Another reason is that most refineries in the United State are created basically for heavy crude whereas most of what she produce are light crude oil. The United States import the oil she is able to process while she export to other countries to complete the setup process.
The remedy to the above situation is when new refineries are built which are somewhat expensive or the existing refineries are upgraded to meet with the demand.
Answer:
D. Because it does not produce enough oil.
edg 2020.
Question 1 of 10 Which type of adjusting entry is used to record a payment a company makes in advance? O A. Deferred expense B. Accrued revenue C. Deferred revenue D. Accrued expense
Deferred expense type of adjusting entry is used to record a payment a company makes in advance. Thus, the option (a) is correct.
What is adjusting entry?
The term “adjusting entry” refers to the journal entry on a daily basis of accounting. The accounting entries are necessary to record because they balance the income and expenses over the period of the month. The single transaction in the business affects the accounting entry.
The adjustment entry is an entry on day-to-day transactions that are related to income and expenses. But sometimes, purchases made in advance for future use are called deferred expenses. The expenses in cash are also received in advance.
As a result, the adjusting entry are maintain record in advance payment is known as deferred expenses. Therefore, option (a) is correct.
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Answer:
its B- Accrued Revenue
Explanation:
just took it and this was the answer
What are tic tac like what is good for you
Answer: Ingredients. Sugar, fructose, maltodextrin, peppermint essential oil, rice starch, gum arabic, filling agent (magnesium salts of fatty acids), glazing agent (carnauba wax).
Explanation:
They are NOT good for u. :(
Structured and semi-structured interviews were developed to address what main problem? 1. Clinicians and researchers had tremendous difficulty in making consistent and accurate diagnoses of mental disorders with unstructured clinical interviews 2. The DSM used during development of structured interviews was not field trialed and resulted in disorders with weak validity 3. Insurance companies did not cover visits with diagnoses resulting from a structured interview 4. None of the above
Structured and semi-structured interviews were primarily developed to address the main problem of clinicians and researchers having tremendous difficulty in making consistent and accurate diagnoses of mental disorders with unstructured clinical interviews option (1).
Unstructured clinical interviews lacked standardized procedures, leading to variability in the way questions were asked and information was gathered. This lack of structure made it challenging to compare and analyze data across different interviews and clinicians, resulting in inconsistent diagnoses and decreased diagnostic reliability.
Structured interviews were designed to overcome this problem by providing a standardized set of questions and a systematic approach for gathering information. These interviews typically include a predetermined set of questions with specific response options, ensuring consistent data collection across different interviewers and settings. By using a structured format, clinicians and researchers can obtain more reliable and valid diagnostic information, leading to improved consistency in diagnosing mental disorders.
The other options mentioned in the question are not the main problems that structured and semi-structured interviews were developed to address. While the DSM's field trialing and insurance coverage are relevant considerations, they are not the primary reasons for the development of structured interviews.
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1. Use the following 10 terms to fill in the blanks in the two sentences below. Use
each term only once. (10 points total: Part I - 1 point each; Part II - I point
each)
buys
more
decrease
sells
from
smaller
increase
larger
An increase in demand typically results in a larger quantity of goods being sold, while a decrease in supply can lead to a smaller amount available for purchase.
When the demand for a product increases, the market usually responds by selling more of that product. This increase in sales leads to a larger quantity being bought by consumers. On the other hand, when there is a decrease in the supply of a product, it can result in a smaller amount of that product being available for purchase. Consequently, buyers may need to look for alternative options or buy from different sources.
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The expected return on the market is 12. 77%, the risk free rate is 4. 80%, and the tax rate is 23%. Semper Fun Sports has 300,000 common shares outstanding that are priced at $40. 20 per share and have an expected return of 17. 50% and an expected real return of 14. 52%. Last year, Semper Fun Sports common stock had a return of 11. 9%. The company also has 400,000 shares of preferred stock outstanding that are priced at $15. 91 per share and have an expected return of 13. 99% and an expected real return of 11. 17%. Last year, Semper Fun Sports perferred stock had a return of 8. 59%. Finally, the company has 10,000 bonds outstanding with a coupon rate of 9. 95%, yield of maturity of 4. 22%, currently yield of 8. 47%, face value of $1,000, and price of $1,220. What is the weighted average cost of capital for Semper Fun Sports?
the weighted average cost of capital (WACC) for Semper Fun Sports is 14.91%.
Calculation for Equity:
Market value of equity = Number of common shares * Price per share = 300,000 * $40.20 = $12,060,000
Weight of equity = Market value of equity / Total market value = $12,060,000 / ($12,060,000 + ($15.91 * 400,000) + ($1,000 * 10,000)) = 0.857
Calculation for Preferred Stock:
Market value of preferred stock = Number of preferred shares * Price per share = 400,000 * $15.91 = $6,364,000
Weight of preferred stock = Market value of preferred stock / Total market value = $6,364,000 / ($12,060,000 + $6,364,000 + ($1,000 * 10,000)) = 0.429
Calculation for Debt:
Market value of debt = Number of bonds * Price per bond = 10,000 * $1,220 = $12,200,000
Weight of debt = Market value of debt / Total market value = $12,200,000 / ($12,060,000 + $6,364,000 + $12,200,000) = 0.714
Calculation for WACC:
Re = Expected return on equity = 17.50%
Rp = Expected return on preferred stock = 13.99%
Rd = Yield to maturity of debt = 8.47%
Tax Rate = 23%
WACC = (0.857 * 17.50%) + (0.429 * 13.99%) + (0.714 * 8.47% * (1 - 23%)) = 14.91%
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Given R2u and R2r, number of restrictions, observations, and degrees of freedom, how do you calculate the F-stat
To calculate the F-stat, plug in R2u, R2r, q, n, and k into the formula [(R2r - R2u)/q] / [(1 - R2r)/(n - k)]
The F-statistic is a measure of the overall fit of a regression model. To calculate the F-statistic, we need to first calculate the mean square of the regression (MSR) and the mean square of the residuals (MSE).
MSR is the sum of squares due to regression divided by the number of restrictions (k), which is equal to the number of independent variables in the model. Mathematically, MSR =(R2u - R2r) * n / k
MSE is the sum of squares due to error divided by the degrees of freedom for the residuals which is equal to the number of observations minus the number of independent variables in the model minus 1.
Mathematically, MSE = (SSR + SSE) / dfR, where SSR is the sum of squares due to regression and SSE is the sum of squares due to error.
Once we have calculated MSR and MSE, we can calculate the F-statistic using the formula F = MSR / MSE. The F-statistic has k and dfR degrees of freedom, which can be used to calculate the p-value for the F-test.
In summary, to calculate the F-statistic, we need to calculate MSR and MSE using the formulas described above, and then divide MSR by MSE to obtain the F-statistic. The F-statistic can then be used to test the overall significance of the regression model.
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A bank can offer which of the following
Checking Account and a Savings Account
Tax Bills
Checking Account
Checking Account, Savings Account, Safety Deposit Box
on november 1, jasper company loaned another company $270,000 at a 8% interest rate. the note receivable plus interest will not be collected until march 1 of the following year. the company's annual accounting period ends on december 31. the amount of interest revenue that should be reported in the first year is:
The amount of interest revenue that should be reported in the first year is $3,600.
1. Calculate the time period from November 1 to December 31 of the current year. This is a period of 2 months (November and December).
2. Determine the interest earned for the 2-month period. To calculate the interest, multiply the loan amount ($270,000) by the interest rate (8%) and divide it by 12 months (assuming a 12-month year).
Interest = ($270,000 * 8% * 2) / 12 = $3,600
3. The interest revenue for the first year will be the interest earned during the 2-month period (November and December). Therefore, the interest revenue that should be reported in the first year is $3,600.
Note: Since the note receivable plus interest will not be collected until March 1 of the following year, the interest earned from January to February of the following year will be reported in the subsequent year's financial statements.
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Give four items of information you would expect to find on a statement of account
Answer:
An overall balance. This might be positive (if the customer owes you money), negative (if you own them money), or at 0 (if all payments have been settled).
A date range. You might create an account statement that covers a specific month, year, or quarter – or you might want to show every single transaction between you and your customer. Either way, the dates should be clear.
Every transaction made within the specified date range, including sales (paid upfront or on credit), payments, and refunds. You should list the date and value of each transaction.
Document numbers to support each transaction. This might include the numbers from invoices, credit notes, or payment receipts.
Contact details for you and your customer – including company name, address, phone number, or email address.
A currency. This is particularly important if you have customers abroad. Even if you have transactions in multiple currencies, an account statement should only be in one.
I hope i helped! xoxo
Problem-2: The trial balance of ABC Company at Hidar 30, 2005 is as follows: ABC Company Trial balance Hidar 30, 2005 Account Debit Credit Cash. Accounts receivable. Prepaid rent. Supplies. Equipment. Accumulated depreciation. Accounts payable. Abel's capital. Abel's drawing. Service revenue. Salary expense. Utilities expense Total Additional information at Hidar 30, 2005: i. Accrued service revenue Birr 600 ii. Depreciation birr 300 iii. Accrued salary expense birr 800 iv. Prepaid rent expired birr 500 v. Supplies used birr 100 Requirements a) Journalize and post adjusting entries b) Prepare adjusted tribal balance c) Prepare financial statement d) Journalize closing entries e) Preparing post closing trial balance. 4,000. 3,200 1,900 3,000 34,800 2,100. 1,700. 600. 51,300. 1,600. 5,400 35,700. 8,600 51,300
A balance sheet is a budget summary that reports an organization's resources, liabilities, and investor value. The balance sheet is one of the three centre budget reports that are utilized to assess a business.
a) Journalize and post adjusting entries:
Accrued service revenue:
Dr. Accounts receivable 600
Cr. Service revenue 600
Depreciation:
Dr. Depreciation expense 300
Cr. Accumulated depreciation 300
Accrued salary expense:
Dr. Salary expense 800
Cr. Salaries payable 800
Prepaid rent expired:
Dr. Rent expense 500
Cr. Prepaid rent 500
Supplies used:
Dr. Supplies expense 100
Cr. Supplies 100
b) Prepare adjusted trial balance:
ABC Company Adjusted Trial Balance at Hidar 30, 200
Account Debit Credit
Cash 4,000
Accounts receivable 3,800
Prepaid rent 1,400
Supplies 2,900
Equipment 34,800
Accumulated depreciation 2,400
Accounts payable 1,700
Abel's capital 600
Abel's drawing 600
Service revenue 51,900
Salary expense 7,400
Utilities expense 1,600
Depreciation expense 300
Salaries payable 800
Rent expense 500
Supplies expense 100
Total 59,500 59,500
c) Prepare financial statements:
ABC Company Income Statement for the Year Ended Hidar 30, 2005
Service revenue 51,900
Expenses:
Salary expense 7,400
Utilities expense 1,600
Depreciation expense 300
Rent expense 500
Supplies expense 100
Total expenses 10,900
Net income 41,000
ABC Company Statement of Owner's Equity for the Year Ended Hidar 30, 2005
Abel's capital, Hidar 1, 2005 35,700
Add: Net income 41,000
Less: Drawings 600
Abel's capital, Hidar 30, 2005 76,100
ABC Company Balance Sheet at Hidar 30, 2005
Assets
Cash 4,000
Accounts receivable 3,800
Prepaid rent 1,400
Supplies 2,900
Equipment 34,800
Less: Accumulated depreciation 2,400
Total assets 45,500
Liabilities and owner's equity
Accounts payable 1,700
Salaries payable 800
Abel's capital 76,100
Total liabilities and owner's equity 78,600
d) Journalize closing entries:
Closing entries:
Dr. Service revenue 51,900
Cr. Income summary 51,900
Dr. Income summary 10,900
Cr. Salary expense 7,400
Cr. Utilities expense 1,600
Cr. Depreciation expense 300
Cr. Rent expense 500
Cr. Supplies expense 100
Dr. Abel's drawing 600
Cr. Abel's capital 600
e) Prepare post-closing trial balance:
ABC Company Post-Closing Trial Balance at Hidar 30, 2005
Account Debit Credit
Cash 4,000
Accounts receivable 3,800
Prepaid rent 1,400
Supplies 2,900
Equipment 34,800
Accumulated depreciation 2,400
Accounts payable 1,700
Salaries payable 800
Abel's capital 76,500
Service revenue - NA
Salary expense - NA
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what is the source document for cash sales of service
When a team agrees on the level of performance expected by each member, they have a _____.
shared standard
collaborative effort
unified commitment
team structure
THE ANSWER IS SHARED STANDARD
Answer:
shared standard
Explanation:
Teamwork refers to the collective approach towards the completion of a common goal. Methods and sources are agreed upon by each member of the team and the focus is relied on the achievement of the goal. Each individual works together and extend their efforts collectively. Shard standard refers to the level of acceptance on a particular point that each team member agrees on. Merging at a certain point is very essential part of teamwork. Disagreement among the team members may cause the team work fall behind.
I am Stuck Please Help
Interview five family members or friends. Ask them how many vegetable snack packs they would buy in a seven-day week at these prices: $2.75, $3.25, $4.75, $5.25, and $6.00. Make a table to record the quantities of snack packs they would purchase at each price. Give at least two reasons why you think the price of a product might vary.
Give at least two reasons why a consumer might buy more or less of something depending on the price. Write two paragraphs discussing the relationships between price and demand, and supply and demand.
Ask at least five people of various ages the following questions: Do you believe the economy is in dire straits? Why or why not? What do you see as the outcome of the current downturn? How are you directly affected, and what worries you about the state of the economy? Do you believe it can be "fixed"? If so, how?
Answer:
Explanation:
In other words, the higher the price, the lower the quantity demanded. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good.
Drag the tiles to the correct boxes to complete the pairs.
Match the different resources to the scenarios where they are used.
natural resources
human resources
man-made resources
entrepreneurship
A power plant uses an Industrialdesign power generator to generate large-scale
electricity for the neighborhood.
A power plant uses coal to heat water and then converts it into steam, which
then turns the turbines.
>
A power plant is set up by a group of industrialists as they come together to
solve the power crisis in their nelghborhood.
A power plant employs local workers who work in shifts to keep the plant
running for most of the day.
Answer:
1. Man-made
2. natural resources
3. entrepreneurship
4. Human resources
Explanation:
Natural resources are those which are present in the environment and are limited in number.
The man-made resources are those where a power generator is used to initiate the electricity on large scale.The natural resources are those where the water is heated from coal and then converting it to steam for running the turbines.The entrepreneurship is represented when the industrialists come together to solve the power crisis of their own neighborhood.The human resources are those where the workers are working in shifts to keep their plants in running condition.Therefore, the given resources are matched with the scenarios in which they are used.
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which of the following might be considered the most drastic step in securing funding, often a last resort for a corporation?
The most drastic step in securing funding, often considered a last resort for a corporation, is filing for bankruptcy.
Bankruptcy is a legal process that allows a company to restructure its debts or liquidate its assets in order to repay its creditors. It is a significant and drastic measure taken when a company is unable to meet its financial obligations and has exhausted all other options for securing funds.
Filing for bankruptcy is a complex and challenging decision for any corporation. It signifies a serious financial crisis and can have far-reaching consequences for the company and its stakeholders. Bankruptcy provides a company with the opportunity to address its financial difficulties through a court-supervised process. This may involve negotiating with creditors, restructuring debts, and implementing a plan to regain financial stability. In some cases, bankruptcy may lead to the dissolution of the company, with its assets being sold to repay its debts.
Overall, filing for bankruptcy is considered the most drastic step a corporation can take to secure funding. It represents a last resort when all other avenues have been exhausted and highlights the dire financial situation a company finds itself in.
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In a short response of approximately 50 words, describe why you believe elected officials ' practice of appointing government employees based on reward or friendship works against the best interests of the nation .
Answer: The Constitution separates the three branches of power. So they have a checks and balances system. Each branch has specific powers and rights they use to help the people, and they require some type of collaboration from the other branches. They need some type of collaboration from other branches so they can gain too much power and keep all the branches balanced.
(62 words but it should do the job.)
Explanation:
True or False, Contingency plans are predefined actions that the project team will take if an identified risk event occurs.
True. Contingency plans are predefined actions that the project team will take if an identified risk event occurs. These plans are put in place to minimize the impact of risks on the project and ensure that the project objectives are still met.
Contingency plans are typically developed as part of the risk management process and are documented in the project plan. They may include alternative approaches to completing project tasks, backup resources, or changes to the project schedule or budget.
It is important for project teams to regularly review and update their contingency plans to ensure they remain relevant and effective in managing project risks.
By having contingency plans in place, project teams can be better prepared to handle unexpected events and increase the chances of project success.
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Which of these scenarios would lead to an industry requiring more productive workers?
A. Supply of goods increases, and demand for goods decreases
B. Supply of good decreases, and demand for goods increases
C. Supply of goods increases, and demand for goods remains the same
D. Supply of goods decreases,and demand for goods remains the same
Answer:
B- Supply of goods decreases, and demand for goods increases.
Explanation:
I took the quiz
Answer:
Supply of goods decreases, and demand for goods increases.