Answer:
a. True
Explanation:
The above is true because financial resources are needed to enable a business meet up with its daily activities in terms of funding. Also, physical resources are buildings, machineries and assets in general which are required to carry a business daily operations. The labor resources, which is the most important resources are the workforce that carry out the day to day operations of a business.
Answer:
The net worth (owners' equity) for this business is $2.2 million
Explanation:
Net worth: It is also known as owner's equity which is a difference between total assets and total assets.
In this question, we use the accounting equation which is used to balance the debit and credit side of the balance sheet items.
So, the accounting equation is
Total Assets = Total Liabilities + Owner's Equity
where,
Company assets are $3.5 million
And, liabilities is $1.3 million
Now, apply the above equation to find out the value of the owner's equity
So, owner equity would be equals to
= $3.5 million - $1.3 million
= $2.2 million
Hence, the net worth (owners' equity) for this business is $2.2 million
Answer:
FIFO ending inventory = $290000
Explanation:
given data
current year inventory = $200,000
end of the current year inventory = $250,000
start of the year LIFO reserve = $30000
end of the year LIFO reserve = $40,000
solution
LIFO reserve is difference between inventory using LIFo and inventory using FIFO
so
FIFO ending inventory = LIFO ending inventory + LIFO reserve ...............1
put her evalue we get
FIFO ending inventory = $250000 + $40000
FIFO ending inventory = $290000
Laissez-Faire Economics?
It's an economic system where the free market exists without government intervention.
Explanation:
A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
