Which of the following is NOT applicable to knowledge as a factor of production?
A) It supports entrepreneurs in developing new products and services.
B) It is a recent addition to the set of production factors.
C) It is largely driven by information technology.
D) It helps identify new opportunities for business development.
E) It is driven by the contributions of employees.
Answer: E
Explanation: E) Employee contributions are considered a human resource factor of production.
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Cooley Company reports the following accounts and balances at December 31, 2015:
Accounts Payable $22,800 Accounts Receivable 18,800 Cash 24,400 Land 82,400 Machine 129,200 Merchandise Inventory 63,600 Long-term Note Payable 79,200 Short-term Note Payable 14,400 Paid-in Capital 200,000 Retained Earnings ? Sales Revenue 122,000 Cost of Goods Sold 80,000 Operating Expenses 40,000 Required: Prepare a balance sheet at December 31, 2015. Also, prepare an income statement for the year ended December 31, 2015. Ignore depreciation expense and interest expense.
A company looking to issue debt instead of equity may want to consider debt due to favorable tax benefits
Indicate whether the statement is true or false