Presented below is income statement and dividend information of the nebraska corporation for the year ended december 31, 2021. sales revenue $ 620,000 cost of goods sold $ 355,000 salaries expense 90,000 insurance expense 20,000 dividend revenue 3,000 depreciation expense 18,000 miscellaneous expense 12,000 administrative expense 35,000 loss on sale of investments 8,000 rent expense 10,000 dividends 5,000 required: prepare the necessary closing entries at december 31, 2021.

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

250 tickets needs to be sold.