The Lynx Manufacturing Company produces components used in electronic toys. In fiscal year 2017, Lynx earned an accounting profit of $3 million. However, Lynxes production facilities might have also been used to produce components for mobile phones, which would have generated $2 million in revenues and saved the company $500,000 in production costs. Which of the following statements is true?a) lynx earned an economic profit of $5.5 million. b) lynx earned an economic profit of $500,000.c) lynx suffered an economic loss of $500,000.d) lynx suffered an economic loss of $2.5 million.

Herman is covered by a cafeteria plan by his employer. his adjusted gross income (agi) is $100,000. he paid unreimbursed medical premiums in the amount of $10,500 and he itemizes deductions. what amount will herman be able to deduct for his medical insurance premium expenses?

Stormie zanzibar owns a bakery in the fictitious country of olombia. each month the government’s market ministry mails her a large list of the regulated price of goods which include products like bread, muffins and flat bread. the list also dictates the types of goods she can sell at the bakery and what she is to charge. because of the regulations placed on these goods, stormie has increased her production of sweets, pies, cakes, croissants and buns and decreased her supply of breads, muffins and flat bread. she has taken these steps because the sweet goods’ prices are not government controlled. stormie zanzibar lives under what type of economy?

For the year ended december 31, 2019, davidson mart had sales of $ 550 comma 000 and cost of goods sold of $ 412 comma 500. davidson estimates that approximately 2% of the merchandise sold will be returned. the adjusting journal entry on december 31, 2019, would include a