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Nadusha1986 [10]
3 years ago
9

What are examples of the factors of production that affect the output of a car repair shop?

Business
2 answers:
Sunny_sXe [5.5K]3 years ago
8 0

Answer and explanation:

Factors of Production is an economic term describing the general inputs used to produce goods and services to make a profit. Under the classical view of economics, the factors of production are four (4) and consist of <em>land, labor, capital, and entrepreneurship</em>.

When referencing a specific business, in this case a repair shop, factors of production could be the space to repair the cars (<em>land</em>), the number of mechanics in the shop (<em>labor</em>), and the quality of the tools to make the repairs (<em>capital</em>).

DanielleElmas [232]3 years ago
7 0

Answer:

Basically, The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Explanation:

In relation to a car repair shop, the land is needed in the form of workshops and/or offices.

Labor is explained as the manpower, that is the engineers: mechanics, rewier,

and others to work on vehicles.

Capital is the sum of money needed to acquire all equipment, machines and other things needed for the company.

And lastly, entrepreneur. This is the Brian behind the functioning of all other factors of production.

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David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,700. They have made prepayments
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-$1,800

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During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Pur
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Answer:

  • June 3 Purchased goods for $7,900 from Diamond Inc. with terms 2/10, n/30.              

Merchandise            $7,900  Debit    

Accounts Payable   $7,900  Credit    

     

  • 5 Returned goods costing $3,000 to Diamond Inc. for credit on account.            

Accounts Payable   $3,000  Debit    

Merchandise    $3,000  Credit    

     

  • 6 Purchased goods from Club Corp. for $1,950 with terms 2/10, n/30.          

Merchandise            $1,950  Debit    

Accounts Payable   $1,950  Credit    

     

  • 11 Paid the balance owed to Diamond Inc.          

Accounts Payable   $4,900  Debit    

Merchandise    $98   Credit    

Cash                 $4,802  Credit    

     

  • 22 Paid Club Corp. in full.            

Accounts Payable  $1.950  Debit    

Cash                     $1.950  Credit    

Explanation:

First recorded the journal entry of the purchased merchandise.

  • June 3 Purchased goods for $7,900 from Diamond Inc. with terms 2/10, n/30.              

Merchandise            $7,900  Debit    

Accounts Payable   $7,900  Credit    

When merchandise is returned, we make the opposite entry      

  • 5 Returned goods costing $3,000 to Diamond Inc. for credit on account.            

Accounts Payable   $3,000  Debit    

Merchandise    $3,000  Credit    

 

It's recorded again the journal entry of the purchased merchandise.  

  • 6 Purchased goods from Club Corp. for $1,950 with terms 2/10, n/30.          

Merchandise            $1,950  Debit    

Accounts Payable   $1,950  Credit    

When the balance is paid it's necessary to register de discount availabe becuase the payment was within 10 days, 2/10.      

  • 11 Paid the balance owed to Diamond Inc.          

Accounts Payable   $4,900  Debit    

Merchandise    $98   Credit    

Cash                 $4,802  Credit    

In the case of Club Corp the paid is in full because it's out of the discount period.

  • 22 Paid Club Corp. in full.            

Accounts Payable  $1.950  Debit    

Cash                     $1.950  Credit  

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