The income statement of Cheyenne Corp. for the month of July shows net income of $3,100 based on Service Revenue $6,700, Salaries and Wages Expense $2,000, Supplies Expense $1,100, and Utilities Expense $500. In reviewing the statement, you discover the following. 1. Insurance expired during July of $500 was omitted. 2. Supplies expense includes $250 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $350 was omitted. 4. Accrued but unpaid salaries and wages at July 31 of $300 were not included. 5. Services performed but unrecorded totaled $700. Prepare a correct income statement for July 2019.

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

where is the graph?

there's 11 people for the 1st position. then, no matter who gets it, there's only 10 left for the second, and then 9 left for the third. 11 x 10 x 9 = 990.   the answer is there are 990 different ways the positions can be filled by these applicants