Use the following information for the year ended December 31, 2022.
Supplies
$1,300 Service revenue
$21,500
Operating expenses
10,400 Cash
15,600
Accounts payable
11,500 Dividends
6,600
Accounts receivable
3,300 Notes payable
1,900
Common stock
9,000 Equipment
11,300
Retained earnings (beginning)
4,600 Calculate the following: (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Net income / (net loss)
$enter a dollar amount
Ending retained earnings
$enter a dollar amount
Total assets
$enter a dollar amount
Answers
Net income / (net loss): \($4,100\)
Ending retained earnings: \($11,100\)
Total assets: \($48,100\)
To calculate the net income / (net loss) for the year ended December 31, 2022, we need to calculate the revenue and the expenses. Revenue is calculated by adding the service revenue and supplies, which is \($22,800.\) Expenses are calculated by adding the operating expenses, cash, accounts payable, dividends, accounts receivable, notes payable, common stock, and equipment, which is \($37,400\). The net income / (net loss) is calculated by subtracting the expenses from the revenue, which is\($4,100.\)
To calculate the ending retained earnings, we need to calculate the beginning retained earnings and the net income / (net loss). The beginning retained earnings are \($4,600\), and the net income / (net loss) is \($4,100.\) The ending retained earnings are calculated by adding the beginning retained earnings and the net income / (net loss), which is \($11,100\).
To calculate the total assets, we need to add the supplies, service revenue, cash, accounts payable, accounts receivable, notes payable, common stock, and equipment, which is \($48,100.\)
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Net income / (net loss): $5,900
Ending retained earnings: $10,500
Total assets: $42,500
For the Net Income, we need to find the difference between Total Revenue and Total Expenses.
Total Revenue = Service Revenue + Dividends = $21,500 + $6,600 = $28,100
Total Expenses = Operating Expenses + Accounts Payable = $10,400 + $11,500 = $21,900
Net Income = Total Revenue - Total Expenses = $28,100 - $21,900 = $5,900
To calculate the Ending Retained Earnings, we need to find the difference between the beginning Retained Earnings and the Net Income.
Ending Retained Earnings = Beginning Retained Earnings + Net Income = $4,600 + $5,900 = $10,500
For the Total Assets, we need to add together the current assets and non-current assets.
Current Assets = Cash + Accounts Receivable = $15,600 + $3,300 = $18,900
Non-Current Assets = Notes Payable + Common Stock + Equipment = $1,900 + $9,000 + $11,300 = $22,200
Total Assets = Current Assets + Non-Current Assets = $18,900 + $22,200 = $42,500
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Related Questions
As of May 31, Covid records Net Income of $5,000. Assuming Covid has no other equity transactions prior to May, Prepare Covid's Statement of Shareholder's Equity as of May 31.
Answers
As of May 31, Covid's Statement of Shareholder's Equity shows a balance of $5,000 in retained earnings, with no transactions in common stock. This reflects the net income earned during the period.
To prepare Covid's Statement of Shareholder's Equity as of May 31, follow these steps:
1. Identify the beginning balance of common stock and retained earnings. Since there are no prior equity transactions, we can assume these balances are zero.
2. Record the net income for the period. Covid's net income is $5,000.
3. Calculate the ending balance of retained earnings by adding the net income to the beginning balance of retained earnings: $0 + $5,000 = $5,000.
4. Summarize the information in the Statement of Shareholder's Equity format.
Covid's Statement of Shareholder's Equity as of May 31:
| Item | Amount |
| Beginning balance - Common Stock| $0
| Beginning balance - Retained Earnings| $0
| Net Income | $5,000
| Ending balance - Retained Earnings| $5,000
As of May 31, Covid's Statement of Shareholder's Equity shows a balance of $5,000 in retained earnings, with no transactions in common stock. This reflects the net income earned during the period.
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Statement of Shareholders' Equity for Covid as of May 31: Retained Earnings: $5,000.
To prepare Covid's Statement of Shareholders' Equity as of May 31, we need to consider the net income of $5,000 and any other equity transactions that might have occurred during that period. Since you mentioned that Covid has no other equity transactions prior to May, we can focus on the net income.
Statement of Shareholders' Equity
For Covid
As of May 31
Retained Earnings:
Beginning Balance: $0
Add: Net Income: $5,000
Total Retained Earnings: $5,000
Shareholders' Equity:
Total Shareholders' Equity: $5,000
In this case, since there are no other equity transactions mentioned, the net income of $5,000 flows directly to the retained earnings section of the statement. The total shareholders' equity is then equal to the total retained earnings.
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which sector require joint or collaborative works in our communities
Answers
Answer:
Collaborative working can last for a fixed length of time or can form a permanent arrangement. What these options have in common is that they involve some sort of exchange, for mutual advantage, that ultimately benefits end users.
Types of collaborative working
Separate organisations maintain their independence, but work jointly on some activities or functions
Organisations with resources or expertise offer assistance to other organisations, eg a large national organisation working with a small local group
A new organisation to do joint work on some activities or functions
A group structure where a 'parent' organisation governs a group of 'subsidiary' organisations
Merger to form a new organisation working as one body on all activities
Explanation:
Beri owns and operates City Delivery Service as a sole proprietorship. When she dies, the business will automatically
Group of answer choices
A. reform with its employees as the owners
B. transfer to its creditors
C. transfer to Beri's heirs
D. dissolve
Answers
As a sole proprietorship, City Delivery Service is owned and operated by Beri. When Beri dies, the fate of the business will depend on how she has planned for her estate.
One possible scenario is that the business will transfer to Beri's heirs. This means that her surviving spouse, children, or other designated beneficiaries will inherit the assets and liabilities of the business, including any debts, contracts, and intellectual property. If Beri has a will or trust in place, she can specify how she wants her business to be handled after her death.
Another possibility is that the business will dissolve if there is no plan in place. In this case, the assets of the business will be sold off to pay any outstanding debts or taxes, and the remaining proceeds will be distributed according to state law. This could result in a loss of jobs for City Delivery Service employees, and the loss of a valuable service for the community.
It is important for sole proprietors like Beri to have a succession plan in place to ensure that their business can continue after their death or disability. This may involve creating a partnership or incorporating the business, designating a successor or co-owner, and setting up a buy-sell agreement or life insurance policy. By taking these steps, Beri can ensure that City Delivery Service will continue to thrive even after she is no longer able to run it herself.
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5. Nera is having a problem with a co-worker Nariah. Nera has really tried to get along with her but she just doesn't like her. Every time they are in a meeting together, whenever it is Nariah's t
Nera rolls her eyes and always tries to interrupt. What standard of behavior does Nera need work on?
Answers
Nera needs to work on her behaviour and develop more professionalism.
What is professionalism?Professionalism is a powerful quality. It allows you to fulfilll your role to the best of your ability. It helps you to impress and inspire others. And it gives you a deep sense of satisfaction and self-worth.
Whatever your position or occupation, professionalism entails continuously meeting high standards, both openly and "behind the scenes."
There are certain "rules" of professionalism for certain industries, workplaces, or jobs. These might be plainly stated, like a social media usage policy or a set dress code. Other expectations and norms might not be stated in writing, but they might be just as significant. For example, what is considered appropriate meeting decor or how employees decorate their workstations.
It pays to pay attention and, if required, to seek clarification. In order to demonstrate respect, attention to detail, and a dedication to respecting established norms and principles, "fitting in" is a key component of professionalism.
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four reasons why Corona virus could be harmful to economic growth??
Answers
Answer:
Employees have to be let go because social distancing is a thing
Businesses are not getting enough customers because of quarantine, which leads to them shutting down
Factories that supply stores are shut down to prevent spread in factory lines
For those with computer jobs, working from home does not give an employee as much freedom with printing or scanning as it does at work, which slows down the completion of assignments and lowering the business`s dependability
The purpose of conflict resolution is to settle disputes without ______.
a.
Compromising
b.
Hurting feelings
c.
Finding common ground
d.
Listening carefully
Answers
Answer:
b. Hurting feelings
Explanation:
Conflicts are severe disagreements in ideas, plans, methodology, or actions. If unchecked, conflicts may result in emotional outbursts, verbal, or even physical violence. Conflict resolutions are attempts to bring harmony and understanding between two or more conflicting parties.
Conflict resolution aims at bringing an understanding among the two conflicting parties. It seeks to reduce their differences by considering each other options and ideas. Conflict resolutions are mostly conducted by independent third parties who take care of each side's needs.
Answer:
b. Hurting feelings
Hope this helps!
Explanation:
On March 1 a dressmaker starts work on three custom-designed wedding dresses. The company uses job order costing and applies overhead to each job (dress) at the rate of 40% of direct materials costs. During the month, the jobs used direct materials as shown below.job1 job 2 job 3direct materials used $5000 $7000 $1.500During the month, the jobs used direct labor as shown below. Jobs 1 and 3 are not finished by the end of March, and Job 2 is finished but not sold by the end of March.job1 job 2 job 3
direct materials used $9000 $4000 $30001. Determine the amounts of direct materials, direct labor, and factory overhead applied that would be reported on job cost sheets for each of the three jobs for March.
2. Determine the total dollar amount of Work in Process Inventory at the end of March.
3. Determine the total dollar amount of Finished Goods Inventory at the end of March. Assume the company has no beginning Work in Process or Finished Goods Inventories.Complete this question by entering your answers in the tabs below.
Answers
2. The total dollar amount of Work in Process Inventory at the end of March is $31,900.
3. The total dollar amount of Finished Goods Inventory at the end of March is $13,800
1.
Job 1:
Direct materials used = $5,000
Direct labor used = $9,000
Factory overhead applied = ($5,000 x 40%) = $2,000
Total cost = $5,000 + $9,000 + $2,000 = $16,000
Job 2:
Direct materials used = $7,000
Direct labor used = $4,000
Factory overhead applied = ($7,000 x 40%) = $2,800
Total cost = $7,000 + $4,000 + $2,800 = $13,800
Job 3:
Direct materials used = $1,500
Direct labor used = $0 (not finished)
Factory overhead applied = ($1,500 x 40%) = $600
Total cost = $1,500 + $0 + $600 = $2,100
2.
Total Work in Process Inventory at the end of March = Total cost of Job 1 + Total cost of Job 2 + Total cost of Job 3
= $16,000 + $13,800 + $2,100 = $31,900
3.
Total Finished Goods Inventory at the end of March = Total cost of Job 2
= $13,800 (since Job 2 is the only one finished but not sold by the end of March)
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tupperware offers a complete line of kitchen containers for storing items of all sizes. tupperware consultants identify people who can host a party and see the latest tupperware products. the party can be in-person in a home or online. tupperware is an example of .
Answers
Tupperware is an example of a direct selling company that relies on a network of independent consultants who identify potential customers to host parties to showcase and sell Tupperware products, either in-person or online.
Tupperware is an example of a direct selling company. Direct selling is a marketing strategy where companies sell their products or services directly to consumers through personal contact, rather than through traditional retail channels. In the case of Tupperware, their consultants identify potential customers who can host parties to showcase and sell their products. The parties can either be in-person, where the consultant brings the products to a host's home, or online, where the consultant can showcase and sell the products through a virtual platform. Direct selling companies typically rely on a network of independent contractors, such as Tupperware consultants, who are responsible for selling the products directly to consumers. These consultants often earn commissions or other incentives based on their sales performance, which can create a strong incentive to actively promote and sell the company's products.
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1. What is the revised net operating income if unit sales increase by 12%? 2. What is the revised net operating income if the selling price decreases by $1.30 per unit and the number of units sold increases by 19%? 3. What is the revised net operating income if the selling price increases by $1.30 per unit, fixed expenses increase by $6,000, and the number of units sold decreases by 7%? 4. What is the revised net operating income if the selling price per unit increases by 20%, variable expenses increase by 20 cents per unit, and the number of units sold decreases by 13%?
Answers
Answer:
the information about the company's income statement is missing, so I looked for a similar question (see attached image):
current contribution margin per unit = $3
current sales volume = 44,000 units
fixed expenses = $46,000
1. What is the revised net operating income if unit sales increase by 12%?
[(44,000 x 1.12) x $3] - $46,000 = $101,8402. What is the revised net operating income if the selling price decreases by $1.30 per unit and the number of units sold increases by 19%?
[(44,000 x 1.19) x $1.70] - $46,000 = $43,012
3. What is the revised net operating income if the selling price increases by $1.30 per unit, fixed expenses increase by $6,000, and the number of units sold decreases by 7%?
[(44,000 x 0.93) x $4.30] - $52,000 = $123,9564. What is the revised net operating income if the selling price per unit increases by 20%, variable expenses increase by 20 cents per unit, and the number of units sold decreases by 13%?
[(44,000 x 0.87) x $4.60] - $46,000 = $130,088
Keiynan wants to start a restaurant that is environmentally friendly. It is important to him to use locally grown food to keep the impact on the environment low. How should he set up his business based on his goals?
Answers
Answer:
He should begin growing a garden of fresh fruit and vegetables to utilize for his cooking. He could also use sustainable utensils and tools.
Correction in the comments- I assume its the last one.
Keiynan should set his business goals by focusing on the good environmental practices, such as using sustainable utensils and tools and growing a garden of fresh fruit and vegetables.
What is Environment?Environment refers to the surrounding in which we live. It is very important part of the human life to keep the surrounding clean as it may impact the life of everyone, even the animals. It includes all type of living sand nonliving elements.
According to the above scenario, Keiynan open the restaurant while keeping in the mind the measures to be undertaken in order to protect the environment. The practices that he can incorporate are developing his own garden and growing the chemical and pesticides.
Therefore, it can be concluded that Keiynan should focus on excellent environmental practices while setting his company goals, such as employing sustainable utensils and tools and establishing a garden of fresh fruits and vegetables.
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Which of the following would be an example of a WANT?
Answers
A person-to-person payment app could be used in each of the following scenarios EXCEPT:__________.
i. Tina pays her neighbor $200 for breaking his window with a softball.
ii. Mia pays Randy the delivery driver from Cheesy Pizza Co. for a pizza she orders for her Spanish study group.
iii. Ahmed's soccer coach pays the team's registration fee for a big tournament, and each player then owes him $35 for their share of the registration fee.
iv. Rafael writes the whole monthly rent check to the landlord, and his roommates Valerie and Carlos pay Rafael for their share of the monthly rent.
Answers
A person-to-person payment app could be used in each of the following scenarios EXCEPT:
i. Tina pays her neighbor $200 for breaking his window with a softball.
ii. Mia pays Randy the delivery driver from Cheesy Pizza Co. for a pizza she orders for her Spanish study group.
iii. Ahmed's soccer coach pays the team's registration fee for a big tournament, and each player then owes him $35 for their share of the registration fee.
iv. Rafael writes the whole monthly rent check to the landlord, and his roommates Valerie and Carlos pay Rafael for their share of the monthly rent. The correct answer is (i) Tina pays her neighbor $200 for breaking his window with a softball.
In this scenario, a person-to-person payment app may not be the most suitable option. This situation involves compensation for property damage, which typically falls under insurance claims, personal agreements, or legal settlements. A person-to-person payment app is more commonly used for everyday transactions, splitting bills, paying friends, or making purchases.
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what is the difference between the turbo button and the victim button
Answers
turbo victim: A button inside your head and heart. You press it any time you give away the power you have to change your life
De los componentes de la Matriz DOFA, cuál elemento se define como las acciones externas de otros actores, que afectan negativamente la empresa. Las oportunidades Las Fortalezas Las Debilidades Las amenazas
Answers
Answer:
D). Las amenazas
Explanation:
El análisis 'FODA' es el examen de las diversas 'fortalezas, debilidades, oportunidades y amenazas' subyacentes a una empresa. Estos factores se han dividido además en factores internos y externos. Los factores internos incluyen fortalezas junto con debilidades, mientras que los factores externos consisten en amenazas potenciales y oportunidades futuras que se pueden aprovechar.
Según la pregunta, los factores externos que pueden afectar negativamente al negocio serían las 'amenazas' porque si no se abordan adecuadamente a tiempo, pueden generar pérdidas, afectar negativamente las opiniones y demandas de los consumidores, y mucho más. Estos factores se denominan externos ya que afectan al negocio de fuentes externas como un déficit o problema en el buen funcionamiento de la cadena de suministro, cambios repentinos en las necesidades del mercado, escasez de insumos, clima, caída de la economía, etc. Así, la opción D es la respuesta correcta.
What can a boosted post help an advertiser achieve?
Answers
A boosted post helps an adviser to connect with the audience and gain trust.
Boosted post is a kind of post that is used on social media platforms in order to enhance the page of the platform and to attract audience to the page. Boosted post can help better communication with the audience along with the increase in a greater number of messages, calls and texts. Boosted posts help for better advertisements of the product. For example, A Chocolate brand may use Boosted posts to gain audience as well as consumers. Boosted posts helps an adviser to be discovered among people, to establish a benchmark in the market and to gain more and more customers. It's a kind of marketing strategy used for publicity purpose.
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Question #4
Multiple Choice
Values are principles that typically guide or influence an individual's decision-making process. Two
areas of life most often affected or influenced by values include
emotions and reactions
decisions and responses
physical health and feelings
attitudes and behaviors
Answers
The two spheres of life that are most frequently impacted or altered by values are attitudes and behaviors. The correct response is option (4).
Define attitudes and behaviors.An individual's attitude is defined as their mental perspective, or how they feel or think about someone or something. Behavior describes the actions, motions, conduct, or behaviors of an individual or a group toward other individuals. built upon. Experience and observation.
When people put more focus on their own attitudes and feelings, they tend to act more in line with those feelings, therefore there is a link between attitude and behavior. Additionally, when people feel greater responsibility for their individual actions rather than the actions of a collective, their opinions are more consistent with their behavior.
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Which best describes the types of indicators that the HDI measures?
O economic and industrial indicators
O infrastructure and social indicators
O social and economic indicators
O stability and social indicators
Answers
Answer:
O social and economic indicators
Explanation:
The Human Development Index (HDI) is a statistic used to measure a country's achievements in different aspects of its social and economic welfare. The united nations developed HDI to evaluate different dimensions of human development in a country. Dimensions of human development refer to people's health, educational level, and standards of living.
The HDI makes comparisons between countries by analyzing components such as average annual income and educational achievements.
Social and economic indicators is best describes the types of indicators that the HDI measures. The HDI analyzes factors such as average annual income and educational achievements to directly compare between countries.
What is HDI ?The Human Development Index is a metric that assesses a country's progress in various areas of social and economic development.
HDI was created by the United Nations to assess many aspects of a country's human development. Human development dimensions include people's health, educational attainment, and living conditions.
Thus, option C is correct.
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Which of the following statements is true?
Answers
Answer:
True
Explanation:
2 1 points The halo effect in observation is cause by an observer spending long hours without a break. True or False True False
Answers
The statement "The halo effect in observation is caused by an observer spending long hours without a break" is false ( the halo effect is a cognitive bias that occurs when an observer's overall impression of a person, product, or company influences their evaluation of specific traits or characteristics).
It is not related to the amount of time an observer spends observing a particular subject.The halo effect is commonly seen in the workplace, where a positive overall impression of an employee can lead to positive evaluations of their work, even if specific aspects of their work are subpar.
Similarly, a negative overall impression can lead to negative evaluations, even if certain aspects of their work are objectively good.
Factors that can contribute to the halo effect include physical attractiveness, charisma, expertise, and perceived success. It can be difficult to avoid the halo effect, but being aware of it and consciously evaluating specific traits independently can help to mitigate its impact.
In summary, the halo effect is not caused by spending long hours without a break, but rather by an observer's overall impression influencing their evaluation of specific traits.
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The function f(x) = 2,000(1 + )12t models the balance in a savings account.
The savings account had an initial balance of _ and compounds
_ at an interest rate of _
Answers
Answer:
In the exponential function f(x) = P(1 + )nt :
P = principal value
r = the annual interest rate
n = number of compounding periods in a year
t = time in years
For the given function, P = 2,000, r = 0.0225, or 2.25%, and n = 12. So, the interest compounds 12 times a year, or monthly.
Therefore, the savings account had an initial balance of $2,000 and compounds monthly at an interest rate of 2.25%.
Explanation:
Explanation from PLATO
__________ is when the company keeps its customer happy enough to keep buying products from the company.
Answers
The web said repeat sales
Answer: Customer retention
Explanation:
To examine
the weekly payroll of all employees, one would look at the:
Answers
To examine the weekly payroll of all employees, one would look at the: d. payroll register.
What is the payroll register?The payroll register is a book or record that is used to fill in the details of all the employees and their payment logs. A record of this register is often kept in good condition in case of any future discrepancies that will have to be resolved.
A person who wants to examine the weekly payroll of all employees in an organization must be able to look at the payroll register to know what is obtainable. There, he would find the names of the employees, their job roles and payment record.
Options:
a. W-4
b. employee earnings record
c. W-2
d. payroll register.
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If a study of past stock prices and volume to find mis-priced securities will not lead to gains in the market, then the market must be at least _____ efficient.
Answers
What range of interest rate on a
traditional loan can a company in good
financial standing expect from a bank?
A. 1% up to 10%
B. 15% up to 25%
C. 30% up to 45%
D. 50% and up.
Answers
All of the following are examples of transfer payments except: _____________.
a. unemployment compensation to the unemployed.
b. welfare benefits to the poor.
c. Social Security payments to the elderly.
d. dividend payments to the wealthy
Answers
in some years, the u.s. government has paid soybean farmers an additional $1.65 on every bushel of soybeans they sell. this money is an example of a(n)
Answers
The United States government has paid soybean farmers an additional $1.65 per bushel of sold soybeans in some instances. An illustration of a (n) subsidy is this sum.
How Does a Subsidy Work?A benefit provided to a person, organization, or business typically by the government is known as a subsidy. It could be something as simple as cash payments or as complex as tax breaks. The subsidy is typically provided to alleviate some kind of burden, and it is frequently thought to be in the public's best interest to promote a social good or economic policy. Most of the time, a subsidy is some kind of payment made to the person or business that gets it, either directly or indirectly. Because they provide financial support for a specific action or lessen an associated burden that was previously imposed on the recipient, subsidies are typically regarded as a privileged type of financial aid.
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The amount of foreign currency required to purchase one u.s. dollar is called the ______ exchange rate.
Answers
The amount of foreign currency required to purchase one U.S. dollar is called the indirect exchange rate.
What is exchange rate?
The exchange rate is the amount of foreign currency that is equivalent to one unit of the local currency.
In this case, the local currency is the current in force in the local economy, the same U.S. dollar is the local currency of the U.S economy.
What is indirect exchange rate?
The indirect exchange rate is the foreign currency equivalence of the local currency, for instance, let's assume the dollar is exchanged for 1.20 Pound Sterling, the 1.20 Pound Sterling is the indirect exchange rate of one dollar since the dollar is not expressed in its own currency, but a foreign currency amount.
Overall, the missing word, in this case, is indirect, which means that the definition given fits perfectly for the indirect exchange rate
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agriculture
hi please canyou do this i will give you 50 points more please
please help i have a hour to do this
Answers
Answer:
Plants and animals benefit each other as members of food chains and ecosystems. For instance, flowering plants rely on bees and hummingbirds to pollinate them, while animals eat plants and sometimes make homes in them. When animals die and decompose, they enrich the soil with nitrates that stimulate plant growth.
there's your research
What is profit in an economic system?
A. Profit is the investment a producer makes in the economy to achieve financial gain.
B. Profit is the net change in the value of the economy due to an exchange.
C. Profit is the financial gain resulting from an exchange.
D. Profit is the investment a consumer makes in the economy to achieve financial gain.
Answers
Answer:
I think D is correct answer
The profit in the economic system is the investment made by the consumer for accomplishing the financial gain.
The information related to the profit is as follows:
It is the surplus that comes after deducting the cost from the revenue made. It is the investment that should be made by the consumer for attaining financial gain.Therefore all the other options are incorrect.
Thus we can conclude that profit in the economic system is the investment made by the consumer for accomplishing the financial gain.
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The process of controlling and making decisions about a business is called:
O Leadership
O Management
O Administration
Answers
Answer:
B. Management.
Explanation:
Management can be defined as the process of controlling and making decisions about a business.
The management comprises of top executives, board of directors or managers who generally control the affairs of a business firm or company.
Basically, they are saddled with the responsibility of defining the policies, set of rules, standards, and procedures so as to preserve or protect the company's assets, boost efficiency, enhance financial accountability, and prevent fraudulent behaviors among the employees.
Also, the decision-making process or responsibilities is essentially vested on the management of a business. Therefore, the management is typically responsible for the success, growth and development of their business.