Use the Following to Answer Questions

question 33

Multiple Choice

Use the following to answer questions:
-(Table: Tutoring) Look at the table Tutoring. If he can charge all students their willingness to pay, at the optimal hours of tutoring, Sigmund's total profit is:

• A) $60.
• B) $50.
• C) $30.
• D) $15.

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Definitions:

Liabilities

Financial obligations or debts that an entity owes to others, which are expected to be settled over time through the transfer of economic benefits.

Accumulated Depreciation

Accumulated depreciation represents the total amount of depreciation expense that has been recorded against a fixed asset since it was acquired and put into use.

Retained Earnings

The amount of net income left over for a business after it has paid out dividends to its shareholders.

Journalizing

Journalizing is the process of recording transactions in the accounting journals as part of the double-entry bookkeeping system.