Prepare an Income Statement using the following data for Young Adventures for the year ended December 31, 2012:
Definitions:
Optimal Quantity
The amount of a good or service that yields the maximum economic benefit or utility.
Cost-Benefit Analysis
A comparison of the marginal costs of a project or program with the marginal benefits to decide whether or not to employ resources in that project or program and to what extent.
Marginal Cost
The additional expense incurred from creating an extra unit of a product, emphasizing how production costs change with the level of output.
Marginal Benefit
The supplementary value or advantage gained by using or generating one more quantity of a good or service.
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