Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
The factors of production, including land, labor, capital, and entrepreneurship, are essential to goods and services production, enabling operation, task specialization, and innovation. They provide the means through which businesses can create their products or perform their services.
The factors of production are necessary for producing goods and services because they provide the resources businesses need to operate. These factors include: land, labor, capital, and entrepreneurship.
Land refers to all natural resources used in production, such as water, minerals, and land itself. Labor includes the physical and mental efforts of humans in production. Capital comprises machines, buildings, and tools used in production. Entrepreneurship, the risk-taking and organization of the other factors, is responsible for combining the other factors in an efficient manner.
Without these factors, production could not take place, specializing tasks becomes challenging, and there would be no medium to foster innovation.
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B. learning effect
C. education cost
D. none of the above
The answer is not A. Learning Curve .
[The following information applies to the questions displayed below.]
Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At the end of the current period, the company reports the following amounts: Assets = $43,500; Liabilities = $20,500; Dividends = $2,140; Revenues = $13,100; Expenses = $8,200.
1) Calculate net income.
2) Calculate stockholders' equity at the end of the period.
Answer:
About 45.45%
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Answer:
Though many aspects of private life and community life differ from culture to culture, in most developed countries business is conducted in more or less the same way?
Successful businesses in developed countries are conducted in more better ways as a result of active policies that allows business to grow also consumers actions at the market are always top-notch which enables suppliers to give more output in order to make more profit
Explanation:
Supplies expense includes $200 of supplies that are still on hand at July 31.
Depreciation on equipment of $150 was omitted.
Accrued but unpaid wages at July 31 of $300 were not included.
Services provided but unrecorded totaled $500.
Instructions
Complete the correct income statement for July 2010. (List amounts from largest to smallest eg 10, 5, 3, 2.)
Benning Co.
Income Statement
For the Month Ended July 31, 2010
Revenues
Service RevenueAccrued RevenueDepreciation ExpenseSupplies ExpenseEquipmentSuppliesUtilities ExpenseWages ExpenseUnearned RevenueAccumulated DepreciationInsurance ExpenseWages PayablePrepaid Insurance $
Expenses
Wages PayableInsurance ExpenseSuppliesUtilities ExpenseAccumulated DepreciationWages ExpenseService RevenueUnearned RevenueDepreciation ExpenseAccrued RevenueSupplies ExpenseEquipmentPrepaid Insurance $
Prepaid InsuranceAccrued RevenueInsurance ExpenseService RevenueWages PayableEquipmentSuppliesUnearned RevenueAccumulated DepreciationUtilities ExpenseDepreciation ExpenseSupplies ExpenseWages Expense
Utilities ExpenseEquipmentDepreciation ExpenseWages PayableService RevenueSupplies ExpenseUnearned RevenueAccrued RevenueInsurance ExpenseWages ExpensePrepaid InsuranceSuppliesAccumulated Depreciation
Accrued RevenueAccumulated DepreciationUtilities ExpenseEquipmentDepreciation ExpenseUnearned RevenueWages ExpenseWages PayableSupplies ExpensePrepaid InsuranceInsurance ExpenseService RevenueSupplies
Wages PayableWages ExpenseSupplies ExpenseService RevenueUtilities ExpenseAccumulated DepreciationPrepaid InsuranceUnearned RevenueSuppliesAccrued RevenueEquipmentDepreciation ExpenseInsurance Expense
Answer:
Net Income = $1,250
Explanation:
Benning Co.
Income Statement
For the Month Ended July 31, 2010
Particulars $ $
Revenues 6,000 (1)
Expenses:
Wages Expense 2,600 (2)
Supplies Expense 1,000 (3)
Utilities Expense 600
Insurance Expense 400
Depreciation Expense 150
Total expenses 4,750
Net Income $1,250
Note:
1. Revenues =5,500 + 500 (Adjustment 5) = $6,000
Performed services not recorded will add.
2. Wages expense = $2,300 + 300 (Adjustment 3) = $2,600
Accrued wages not paid will add to the wages expense.
3. Supplies Expense = $1,200 - 200 (Adjustment 2) = $1,000
Supplies expense includes supplies on hand will decrease the supplies expense.
Answer:
$0
Explanation:
The basis for a Section 351 transfer = fair market value of the property - assumed liabilities = $80,000 - $75,000 = $5,000
Since Buster controls Bronco Corporation (he owns 100%) and he exchanged the property for common stock, no gain or loss should be recognized, neither by Buster or the corporation. All that must be recognized is the new basis for the asset ($5,000).
Answer:
$0
Explanation: