Answer:
Financial statements are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand.
Explanation:
Hope this helps
Answer:
The correct answer is letter "A": economists include opportunity cost in zero economic profit, while accountants do not include opportunity cost in zero profit.
Explanation:
Normal profit is an economic term that means zero economic profits. To an economist, this is normal since total revenue equals total cost which includes both explicit and implicit costs. It differs from the accounting profit or zero profits since the latter does not take into consideration implicit cost.
Answer:
$318,400
Explanation:
Cost of Goods Sold $325,000
Less: Inventory Opening January 1 ( $ 31,800)
Add;Closing Inventory $25,200
Cost of Goods Manufactured $318,400
The cost of goods sold are found out by adding opening stock and deducting closing stock from cost of goods manufactured.
In the given scenario we had to follow reverse order to reach out at amount of cost of goods manufactured.
Answer:
Economic profit $10,000
Explanation:
Income earned as an assistant professor = Salary + Interest on bonds = 75000 + 5% on 100,000 = 75000 + 5000
Income earned as an assistant professor = $80,000
Income from the bookstrore = $90,000
In calculating economic profit, opportunity costs are deducted from revenues earned.
Economic profit = $90,000 - $80,000 = $10,000
