Which of the following is NOT true regarding competitive markets?
a. Regulations that promote free domestic markets also tend to promote globalization.
b. Governments try to minimize the role of state-owned enterprises in market economies.
c. Antitrust laws must be eliminated if competitive markets re to be sustained.
d. Successfully globalized economies strive to attain competitive markets at home.
e. Antitrust laws interfere with the natural growth of successful businesses.

In its first year of operations, sunland company recognized $30,000 in service revenue, $8,100 of which was on account and still outstanding at year-end. the remaining $21,900 was received in cash from customers. the company incurred operating expenses of $18,600. of these expenses, $12,880 were paid in cash; $5,720 was still owed on account at year-end. in addition, sunland prepaid $3,270 for insurance coverage that would not be used until the second year of operations. (a) calculate the first year's net earnings under the cash basis of accounting, and the first year's net earnings under the accrual basis of accounting.