Table 19-5 Madison and Austin Own Cafe Ole

question 50

Multiple Choice

Table 19-5
$\begin{array}{|l|l|l|}\hline & \text { Empanadas } & \text { Tacos } \\\hline \text { Madison } & 30 & 50 \\\hline \text { Austin } & 24 & 32 \\\hline\end{array}$ Madison and Austin own Cafe Ole'. Table 19-5 lists the number of empanadas and tacos Madison and Austin can each make in one hour.
-Refer to Table 19-5.Select the statement that accurately interprets the data in the table.

• A) Madison has an absolute advantage in making tacos and Austin has an absolute advantage in making empanadas.
• B) Madison has an absolute advantage in making empanadas and Austin has an absolute advantage in making tacos.
• C) Madison has an absolute advantage in making empanadas and tacos.
• D) Austin has an absolute advantage in making empanadas and tacos.

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Definitions:

Calendar-Year

A one-year period that begins on January 1 and ends on December 31, used for financial and tax reporting purposes.

Annual Financial Statements

Reports prepared yearly that give an overview of a company’s financial condition, including balance sheet, income statement, and cash flow statement.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenue, expenses, and net income.

Post-Closing Trial Balance

A financial report created after closing entries are made, showing all the balances of ledger accounts at the end of an accounting period.