Emily and Kelly formed the EK Partnership to sell athletic apparel on January 1, year 1. The business acquired $140,000 cash from Emily and $60,000 cash from Kelly. During
year 1, the EK Partnership earned $124,000 in cash revenues and paid $34,000 in cash
expenses. Emily withdrew $7,000 from the business and Kelly withdrew $3,000. The
net income was allocated to the capital accounts of the partners in proportion to the
amounts of their original investment.
Prepare a capital statement for the EK Partnership. What are the year-end balances in
the each partner's capital account?

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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