The responsibilities of business are to produce goods and service that society wants at a price that perpetuates the business and satisfies its obligations to investors.

Adds up the money earned by producers plus taxes paid to the goverment. a) income approach b) product approach c) expenditure approach

Required prepare the necessary adjusting entries in the general journal as of december 31, assuming the following: on september 1, the company entered into a prepaid equipment maintenance contract. birch company paid $3,400 to cover maintenance service for six months, beginning september 1. the payment was debited to prepaid maintenance. supplies on hand at december 31 are $3,900. unearned commission fees at december 31 are $7,000. commission fees earned but not yet billed at december 31 are $3,500. (note: debit fees receivable.) birch company's lease calls for rent of $1,600 per month payable on the first of each month, plus an annual amount equal to 1% of annual commissions earned. this additional rent is payable on january 10 of the following year. (note: be sure to use the adjusted amount of commissions earned in computing the additional rent.)

Emily spent her summer vacation in buenos aires, argentina, where she got plastic surgery for a fraction of what it would cost in the united states. this is an example of: