Use the Information Below to Answer the Following Question(s)

question 53

Multiple Choice

Use the information below to answer the following question(s) .
Lucas Family Orange Groves processes a variety of fresh juices. The company has the following expenses for July:


-What is the total cost for the production category of the value chain at Lucas Family Orange Groves?

• A) $132,000
• B) $137,000
• C) $108,000
• D) $141,000

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Definitions:

Going-concern Assumption

An accounting principle that assumes a company will continue to operate for the foreseeable future, not liquidate or reduce its operations significantly.

Operating

Pertaining to the ongoing, day-to-day activities necessary for an entity to function, including production, sales, and administrative tasks.

Business Ownership

Business Ownership entails the possession, control, and responsibility over a business entity, including rights to its assets and liabilities.

Corporation

A legal entity that is separate and distinct from its owners, offering Limited liability to its shareholders, and having the ability to raise capital through issuing stock.