Prepare the current assets section of the balance sheet for Buffalo Industries, assuming that in addition to the receivables it has cash of $97,340, merchandise inventory of $167,950, and supplies of $12,560. (List current assets in order of liquidity)

Explanation: current assets are assets other than fixed asset that a company uses in its day to day operations and are noted in the Balanced sheet of an organisation and they include:

Cash, Account receivable, Inventory, Supplies.

From the above question, the current asset of Buffalo Industries is stated below:

Balanced Sheet (extract)

Current assets :

Cash $97,340

Merchandise inventory $167,950

Supplies. $12,560

Total current asset. $277,850

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer(d) all of the choices are correct;