The Financial Statements for Uptown Service Company Include the Following

question 75

Multiple Choice

The financial statements for Uptown Service Company include the following items: $\begin{array}{lrr}&2019&2018\\\text { Cash } & \$ 50,500 & \$ 40,000 \\\text { Short-term Investments } & 32,000 & 11,000 \\\text { Net Accounts Receivable } & 52,000 & 55,000 \\\text { Merchandise Inventory } & 157,000 & 49,000 \\\text { Total Assets } & 531,000 & 554,000 \\\text { Accounts Payable } & 124,500 & 124,000 \\\text { Salaries Payable } & 16,000 & 18,000 \\\text { Long-term Note Payable } & 56,000 & 52,000\end{array}$
Compute working capital for 2019.

• A) $135,000
• B) $95,000
• C) $151,000
• D) $31,000

Analyze the effects of demand changes on industry growth, prices, and firm entry or exit in the long run.

Understand how industry characteristics influence the shape of the long-run industry supply curve.

Recognize the process and outcomes of resource allocation in perfectly competitive markets.

Identify the factors leading to movements along or shifts of the long-run average cost curve in response to industry dynamics.

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Definitions:

Era

A long and distinct period of history with a particular feature or characteristic.

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s, revolutionizing technology, economy, and society.

England

A country that is part of the United Kingdom, known for its rich history, cultural heritage, and as the birthplace of the English language.

United States

A country in North America consisting of 50 states and a federal district, known for its diverse culture and significant global influence.