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Vsevolod [243]
3 years ago
8

A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equit

y is referred to as a(n) ___________:1. Profit and loss statement2. balance sheet3. expense report4. income statement 5. budget report
Business
1 answer:
Allisa [31]3 years ago
6 0

Answer:

Balance sheet is the correct answer because it tells about the worth of company, its assets, shareholders funds (Equity) and amount borrowed by the company (Liability). Balance sheet is also known as Statement of Financial Position (SOFP)

All the other options tells about the earnings and costs of the company not about the assets and liabilities of the company.

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The main elements of market structure are
Anastasy [175]

Answer:

the number and size of sellers, entry and exit barriers, nature of product, price, selling costs.

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In​ long-run equilibrium, all firms in the industry earn zero economic profit. Why is this​ true? All firms in perfectly competi
zvonat [6]

Answer:

D. if profit were​ positive, then firms would​ enter, decreasing​ price, and if profit were​ negative, then firms would​ exit, increasing price.

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Perfectly competitive firms are price takers, hence they cannot influence the price of their products.

Perfectly competitive industries have no barriers to entry or exist of firms ,so if in the short run, firms are earning economic profit, then firms would​ enter into the industry , decreasing​ price, and if profit were​ negative, then firms would​ exit, increasing price. This makes perfect competitive firms to earn zero economic profit in the long run.

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3 years ago
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How would a sale of $400 of inventory on credit affect the balance sheet if the cost of the inventory sold was $160
dimaraw [331]

Answer:

the journal entries used to record this transaction are:

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