Required information Skip to question [The following information applies to the questions displayed below.] Assume you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available: Accounts Payable $ 32,800 Accounts Receivable 10,600 Cash 14,000 Common Stock 59,790 Dividends 2,020 Equipment 86,000 Notes Payable 1,550 Operating Expenses 59,100 Other Expenses 7,920 Sales Revenue 91,200 Supplies 5,700 Required: Prepare an income statement for the year ended December 31.

Answer:

The importance of a business plan is to help plan out how you want a business to go and to also show how to get around or through obstacles.

Answer:

The supply wouldn't sell as good because they don't have the product

Explanation:

Key guidelines on accounting management allow accounting professionals can deliver value to their company's strategy and operational judgment. The criteria for key management accounts are:

                Helps accounting examine allocation decisions such as buying

                 and buying; buying vs. buying.

            Technical considerations allow managers to take perv financial                    

            choices through the dissemination of data in the required format;        

            behavioral factors allow managers to give their colleagues

             thorough information to guide people in improving their skills.

            In certain scenarios, management accountants will explore

            adopting alternative ways to cost computing. The rationale is

            because cost concepts are interpreted differently relying upon the          

            end-use purposes.

       This can be a useful tool for visualizing the impact and effects

        of the action.

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Answer:

At the most basic level, economics attempts to explain how and why we make the purchasing choices we do.

Explanation:

this was a answer from my school

Answer:

Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives

Explanation:

Scarcity explains the basic economic problem that the world has limited—or scarce—resources to meet seemingly unlimited wants, and this reality forces people to make decisions about how to allocate resources in the most efficient way.

As a result of scarce resources, humans are constantly making choices that are determined by their costs and benefits and the incentives offered by different courses

For example, there is only so much wheat grown every year. Some people want bread and some would prefer beer. Only so much of a given good can be made because of the scarcity of wheat. How do we decide how much flour should be made for bread and beer? One way to solve this problem is a market system driven by supply and demand.

Supply and Demand

A market system is driven by supply and demand. Taking the example of beer, if many people want to buy beer, the demand for beer is considered high. As a result, you can charge more for beer and make more money on average by using wheat to make beer than by using wheat to make flour.

Hypothetically, this could lead to a situation where more people start making beer and, after a few production cycles, there is so much beer on the market—the supply of beer increases—that the price of beer drops.

Costs and Benefits

The concept of costs and benefits is related to the theory of rational choice (and rational expectations) that economics is based on. When economists say that people behave rationally, they mean that people try to maximize the ratio of benefits to costs in their decisions.

If demand for beer is high, breweries will hire more employees to make more beer, but only if the price of beer and the amount of beer they are selling justify the additional costs of their salary and the materials needed to brew more beer. Similarly, the consumer will buy the best beer they can afford to purchase, but not, perhaps, the best-tasting beer in the store.

Everything Is in the Incentives

If you are a parent, a boss, a teacher, or anyone with the responsibility of oversight, you've probably been in the situation of offering a reward—or incentive—in order to increase the likelihood of a particular outcome.

Economic incentives explain how the operation of supply and demand encourage producers to supply the goods that consumers want, and consumers to conserve on scarce resources. When consumer demand for a good increases, then the market price of the good rises, and producers have an incentive to produce more of the good because they can receive a higher price. ON the other hand, when the increasing scarcity of raw materials or inputs for a given good drive costs up and producers to cut back on supply, then the price they charge for he good rises, and consumers have an incentive to conserve on their consumption of that good and reserve it's use for their most highly valued uses.

In the example of a brewery, the owner wants to increase production so they decide to offer an incentive–a bonus–to the shift that produces the most bottles of beer in a day. The brewery has two sizes of bottles: one 500 milliliter bottle and a one-liter bottle. Within a couple of days, they see production numbers shoot up from 10,000 to 15,000 bottles per day. The problem is that the incentive they provided focused on the wrong thing—the number of bottles rather than the volume of beer. They begin receiving calls from suppliers wondering when orders of the one-liter bottles are going to come. By offering a bonus for the number of bottles produced, the owner made it beneficial for the competing shifts to gain an advantage by only bottling the smaller bottles.