Answer:
all the given figures are wrong but i explained the correct procedure.
Explanation:
INCOME STATEMENT
Fees earned 17400
Expenses:
Depreciation expense 1300
Insurance expense 400
Supplies expense 3800 5500
Net Income 11900
Therefore, The Net income for the period is $11900.
Answer:
c. will earn zero economic profits but positive accounting profits
Explanation:
A competitive industry is characterised by many buyers and sellers of homogenous goods and services.
There are no barriers to entry and exit of firms. If firms in a competitive industry earn economic profit in the short run, firms enter into the industry in the long run and economic profit falls to zero.
A competitive firm earns accounting profit but doesn't earn economic profit.
Accounting profit = Revenue - Cost
Economic profit = Accounting profit - Opportunity cost
I hope my answer helps you.
Answer: B
Or Data is charted by two different types of data.
Explanation:
I got it right
Answer:
the resources used to create output.
Explanation:
Factors of production are the resources used to create output.
They include :
Land : land is all natural resources used in the production process.
Capital - Capital includes all man made resources used in the production process
Labor : all human effort expended in the production process
Entrepreneurship : organizes all other factors of production