Table 3-15 ​ ​

question 458

Multiple Choice

Table 3-15
​ ​
-Refer to Table 3-15. Assume that the farmer and the rancher each has 40 labor hours available. If each person divides his time equally between the production of meat and potatoes, then total production is

• A)5 pounds of meat and 4 pounds of potatoes.
• B)6 pounds of meat and 7.5 pounds of potatoes.
• C)7.5 pounds of meat and 6 pounds of potatoes.
• D)10 pounds of meat and 8 pounds of potatoes.

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Definitions:

Revenue Accounts

Accounts in the general ledger that record the income generated from the sale of goods or services.

Dividends

Distribution of profits by a corporation to its shareholders, typically in the form of payments.

Retained Earnings

The portion of net income left over for the business after it has paid out dividends to its shareholders, often reinvested in the company.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.