The balance sheet of sweet company at december 31, 2019, includes the following. notes receivable $54,600 accounts receivable 191,700 less: allowance for doubtful accounts 26,300 $220,000 transactions in 2020 include the following. 1. accounts receivable of $147,000 were collected including accounts of $64,400 on which 2% sales discounts were allowed. 2. $5,620 was received in payment of an account which was written off the books as worthless in 2019. 3. customer accounts of $26,500 were written off during the year. 4. at year-end, allowance for doubtful accounts was estimated to need a balance of $26,900. this estimate is based on an analysis of aged accounts receivable.

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(c) factors of production;

answerall of the above;