Which of the following items cannot be found on a firm's balance sheet under current liabilities? Group of answer choices
a. Short-term notes payable to the bank.
b. Cost of goods sold.
c. Accrued payroll taxes.
d. Accounts payable.
e. Accrued wages.

b. Cost of goods sold.

Explanation:

Cost of goods sold cannot be found on a firm's balance sheet under current liabilities because it is adjusted with the revenue in the income statement to calculate gross income. It is an expense account and all the expense accounts are dealt in the Income statement and closed there. All the other option are the accounts of current liabilities, that are usually found in the balance sheet.

since the options are not listed, when you are working on your budget you should also add water, tv, internet, miscellaneous and your 'fun' money for in your budget. when budgeting, you need to allow for fun money, and mis/accidental money so that you stick to the budget and not go crazy because you feel strapped to the budget.

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.