On June 20,2015,Lucie Majeau Invested the Following Assets in a New

question 96

Essay

On June 20,2015,Lucie Majeau invested the following assets in a new sole proprietorship: cash,$12,000; office equipment,$6,000; land,$100,000; building,$115,000.Majeau owes the bank a $25,000 note payable that is secured by the land and building.Prepare the general journal entry to record Majeau's investments in the new business.

Explain the significance of opportunity cost in economic decision-making.

Understand the definition and role of capital in the economy.

Distinguish between different economic systems and their characteristics.

Define and apply the concepts of comparative and absolute advantage in trade.

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Definitions:

Mean Score

The average score obtained by adding all the individual scores in a set and dividing by the total number of scores.

Confidence Interval

A range of values, derived from the sample data, that is likely to contain the value of an unknown population parameter.

Standard Deviation

Indicates the dispersion or variability within a set of numerical values around their average.

Mean Balance

The average amount of money held in an account over a certain period.