Answer:
Date Journal entries Debit Credit
Finished Goods $50,000
Work in Process $50,000
Cost of Goods Sold $56,000
Finished Goods $56,000
Answer:
The two main financial statements are the income statement and the balance sheet.
In the income statement all the revenue and the expenses should be accounted for, resulting in net profits or net losses. The income statement shows how the restaurant has been performing over a given period (usually a year).
The balance sheet is like a photo of the restaurant itself at a specific point in time. The balance sheet shows what assets the restaurant has, how much money it owes and what percentage of the business really belongs to the owners.
The other two financial statements are the statement of owner's equity and the statement of cash flows, but they are more complicated to explain and not that basic for a small business.
Answer:
A. A panel that consists of households that provide purchasing information at specified intervals over an extended period
Explanation:
Longitudinal design in research is a method that involves repeated examination of the same variables over a short or long term to see if there is any changes that occur.
A fixed sample is measured repeatedly to gain information.
A panel that consists of households that provide purchasing information at specified intervals over an extended period, is an example of longitudinal design.
The fixed sample is the panel of households, and they repeatedly provide purchasing information.
So the same sample is measured continuously over a period of time
Answer:
Lab technician collects the samples from patients and then processes it to get the required result.
Lab director is responsible for the administration of daily operations.
Explanation:
Stem field is Science, Technology, Engineering and Mathematics. The career choice of Tamara and Grant both fall into STEM. Grant have more responsibility than Tamara, although both are in the biometric research lab but Grant has to ensure that all the applicable laws and provisions are followed in the lab and if any deviation is found he will be held responsible for it. Whereas Tamara has responsibility for a single sample only. She is not responsible for others performance.
Answer: The answers are given below
Explanation:
a. What is its percentage rate of return?
From the question, we are told that the firm is earning $5.50 on every $50 invested by its founders. The percentage of return will now be:
= $5.50/$50 × 100%
= 0.11 × 100%
= 11%
b. Is the firm earning an economic profit? If so, how large?
The economic profit will be the difference that exists between the percentage of return which is 11% and the normal rate of profit which is 5%. This will be:
= 11% - 5%
= 6%
The firm is earning economic profit of 6%.
c. Will this industry see entry or exit?
There will be entry into the industry. This is because the percentage of return which is 11% is greater than the normal rate of profit which is 5%.
d. What will be the rate of return earned by firms in this industry once the industry reaches long-run equilibrium?
The rate of return earned by firms in this industry once the industry reaches long-run equilibrium will be 5% which is the normal rate of profit in the economy.
