Metlock Co. had sales revenue of $553,900 in 2020. Other items recorded during the year were: Cost of goods sold $328,800 Salaries and wages expense 123,300 Income tax expense 29,510 Increase in value of company reputation 16,400 Other operating expenses 12,520 Unrealized gain on value of patents 20,640 Prepare a single-step income statement for Metlock for 2020. Metlock has 105,200 shares of stock outstanding.

Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.