Xavier opens up a lemonade stand for two hours. he spends $10 for ingredients and sells $60 worth of lemonade. in the same two hours, he could have mowed his neighbor’s lawn for $40. xavier has an accounting profit of and an economic profit of
a) $50, $10b) $90, $50c) $10, $50d) $50, $90

Clooney corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. by the end of the month, employees made one expenditure from the petty cash fund (entertainment, $20) and three expenditures with the credit card (postage, $59; delivery, $84; supplies expense, $49).record all employee expenditures, and record the entry to replenish the petty cash fund. the credit card balance will be paid later. (if no entry is required for a transaction/event, select "no journal entry required" in the first account record expenditures from credit card and the petty cash fund.