1. Prepare a multiple-step income statement
2. Prepare a statement of stockholders equity. No common stock was issued during the year.
3. Prepare a balance sheet, assuming that the current portion of the note payable is 16,000
4. Briefly explain how multiple-step and single-step income statements differ.
Answers
1. To prepare a multiple-step income statement, you need to follow these steps:
- Start with the company's revenue section, which includes sales revenue and any other income sources.
- Subtract the cost of goods sold from the revenue to calculate the gross profit.
- List out the operating expenses, such as salaries, rent, and utilities.
- Deduct the operating expenses from the gross profit to calculate the operating income.
- Include any non-operating revenues or expenses, such as interest income or interest expense.
- Calculate the net income by subtracting non-operating expenses from the operating income.
2. To prepare a statement of stockholders equity:
- Begin with the beginning balance of the stockholders' equity.
- Include any net income from the income statement.
- Deduct any dividends or withdrawals paid out to the stockholders.
- Include any additional contributions made by the stockholders.
- Calculate the ending balance of the stockholders' equity.
3. To prepare a balance sheet with a current portion of the note payable of $16,000:
- List the assets, such as cash, accounts receivable, inventory, and property.
- Include the current portion of the note payable under the liabilities section.
- List other liabilities, such as accounts payable and long-term debt.
- Include the stockholders' equity, which can be calculated from the statement of stockholders equity.
4. The difference between a multiple-step and single-step income statement lies in the level of detail provided. In a multiple-step income statement, revenue, expenses, and net income are categorized into various sections, such as gross profit, operating income, and non-operating income. On the other hand, a single-step income statement presents all revenues and expenses together, without categorizing them.
Multiple-step income statements provide more detailed information, allowing for better analysis and understanding of a company's financial
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Related Questions
By law, manufacturers and distributors are responsible for providing Safety Data Sheets.
Who else is responsible for providing Safety Data Sheets?
Select the best option.
O
O
Managers
Workers
Importers
Employers
Answers
Managers are responsible for providing Safety Data Sheets.
According to the Hazard Communication Standard (HCS) (29 CFR 1910.1200(g)), which was updated in 2012, the chemical manufacturer, distributor, or importer must give downstream users Safety Data Sheets (SDSs) (previously known as Material Safety Data Sheets or MSDSs) for each hazardous chemical in order to inform them of the hazards.
The SDS and MSDS both include virtually the same information, but today the SDSs must be presented in a standardized, user-friendly, 16-section format. This guideline helps workers who handle dangerous chemicals become accustomed to the format and comprehend the SDSs' contents.
The SDS contains details about the physical, physiological, and environmental dangers of each chemical, as well as information about how to handle, store, and transport each chemical safely.
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and are working for Agriculture and Agri-Food Canada. Your boss asks you to determine the impact of Korean tariff reductions on beef exported from Canada to Korea. Prior to the signing of CKFTA, the K orean tariff on imported beef from Canada was C$2.70 per kilogram. After CKFTA is fully implemented, the tariff will be eliminated by 2029. Based on research at the University of Guelph, you know the following supply and demand information for Canada and Korea (these supply and demand curves assume all other trade is held fixed): Canada Korea Demand QP - 1775 - 102*pc QP-528-20*PK Supply 09-593 +52*p 0-67 +24*PK Where Qºis demand in the respective country, Q is supply in the respective country, PC is the price of beef in Canada, and PK is the price of beef in Korea. To simplify the analysis, assume all prices are in Canadian dollars. You also know that the equilibrium with the initial tariff of C$2.70 per kilogram is as follows: Price of beef (C$/kg) Demand ('000 of tonnes) Supply ('000 of tonnes) Exports to Korea ('000 tonnes) Imports from Canada ('000 tonnes) Canada $7.74 989.81 993.29 3.49 Korea $10.44 320.04 316.55 3.49 Showing your work, answer the following questions. Note that these questions are designed to take you through calculating the new equilibrium prices, quantities supplied, quantities demanded, and trade under the CKFTA liberalization scenario (i.e, assuming the tariff falls to C$0.00 per kilogram) a. (3 marks) Derive Canada's excess supply curve b. (3 marks) Derive Korea's excess demand curve stated in terms of the price of beef in Korea C. (3 marks) Now solve for the equilibrium price of beef in Canada with the eliminated tariff d. (6 marks) Now solve for the equilibrium quantity demanded and supplied in Canada, and equilibrium quantity exported from Canada to Korea e. (2 marks) Now solve for the equilibrium price of beef in Korea f. (6 marks) Now solve for the equilibrium quantity demanded and supplied in Korea, and equilibrium quantity of beef imported from Canada
Answers
a. Canada’s Excess Supply = -1182 + 154PC, b. Korea’s Excess Demand = 461 - 44PK, c. Therefore, the equilibrium price of beef in Canada with the eliminated tariff is $13.24 per kilogram. d,e. Therefore, the equilibrium quantity exported from Canada to Korea is 1,061.88 tonnes. f. 72PK + 65.
a. Canada’s Free Trade Agreement excess supply is given by QS - QD, which is (593 + 52PC) - (1775 - 102PC). Simplifying this expression, we get:
Canada’s Excess Supply = -1182 + 154PC
b. Korea’s excess demand is given by QD - QS, which is (528 - 20PK) - (67 + 24PK). Simplifying this expression, we get:
Korea’s Excess Demand = 461 - 44PK
c. With the eliminated tariff, the price of beef in Canada will be equal to the price of beef in Korea. Therefore, setting PC = PK and solving for PC, we get:
7.74 + 0.102PC = 10.44 - 0.042PK
0.102PC + 0.042PK = 2.7
PC + PK = 26.47
Substituting PK = PC in the above equation, we get:
2PC = 26.47
PC = 13.24
Therefore, the equilibrium price of beef in Canada with the eliminated tariff is $13.24 per kilogram.
d. To solve for the equilibrium quantity demanded and supplied in Canada, we substitute PC = $13.24 in the demand and supply functions for Canada. This gives:
QD = 1775 - 102(13.24) = 569.48
QS = 593 + 52(13.24) = 1250.48
Therefore, the equilibrium quantity demanded and supplied in Canada is 569,480 tonnes and 1,250,480 tonnes, respectively. The equilibrium quantity exported from Canada to Korea is the difference between the quantity demanded by Korea and the quantity supplied by Canada at this price, which is:
Exports to Korea = QD(Korea) - QS(Canada) = (528 - 20PK) - (593 + 52PC) = (528 - 20PK) - (593 + 52PK) = -65 - 72PK
Substituting PK = $13.24, we get:
Exports to Korea = -65 - 72(13.24) = -1,061.88
Therefore, the equilibrium quantity exported from Canada to Korea is 1,061.88 tonnes.
e. With PC = PK = $13.24, we can use the demand and supply functions for Korea to find the equilibrium price of beef in Korea. This gives:
QD = 528 - 20PK = 528 - 20(13.24) = 265.6
QS = 67 + 24PK = 67 + 24(13.24) = 391.76
Therefore, the equilibrium price of beef in Korea is $13.24 per kilogram.
f. To solve for the equilibrium quantity demanded and supplied in Korea, we substitute PK = $13.24 in the demand and supply functions for Korea. This gives:
QD = 528 - 20(13.24) = 265.6
QS = 67 + 24(13.24) = 391.76
Therefore, the equilibrium quantity demanded and supplied in Korea is 265,600 tonnes and 391,760 tonnes, respectively. The equilibrium quantity of beef imported from Canada is the difference between the quantity supplied by Canada and the quantity demanded by Korea at this price, which is:
Imports from Canada = QS(Canada) - QD(Korea)
= (593 + 52PC) - (528 - 20PK)
= (593 + 52PK) - (528 - 20PK)
= 72PK + 65
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Correct Question:
The Canada-Korea Free Trade Agreement (CKFTA) is a bilateral trade agreement seeking to lower barriers to trade between Canada and South Korea. Prior to the signing of CKFTA, the Korean tariff on imported beef from Canada was C$2.70 per kilogram. After CKFTA is fully implemented, the tariff will be eliminated by 2029.
Based on research at the University of Guelph, you know the following supply and demand information for Canada and Korea (these supply and demand curves assume all other trade is held fixed):
Canada Korea
Demand QD = 1775 – 102*PC QD = 528 – 20*PK
Supply QS= 593 + 52*PC QS= 67 + 24*PK
Where QD is demand in the respective country, QS is supply in the respective country, PC is
the price of beef in Canada, and PK is the price of beef in Korea. To simplify the analysis,
assume all prices are in Canadian dollars.
You also know that the equilibrium with the initial tariff of C$2.70 per kilogram is as follows:
Canada Korea
Price of beef (C$/kg) $7.74 $10.44
Demand (‘000 of tonnes) 989.81 320.04
Supply (‘000 of tonnes) 993.29 316.55
Exports to Korea (‘000 tonnes) 3.49
Imports from Canada (‘000 tonnes) 3.49
Showing your work, answer the following questions. Note that these questions are designed to
take you through calculating the new equilibrium prices, quantities supplied, quantities
demanded, and trade under the CKFTA liberalization scenario (i.e. assuming the tariff falls to
C$0.00 per kilogram)
a. (3 marks) Derive Canada’s excess supply curve
b. (3 marks) Derive Korea’s excess demand curve stated in terms of the price of beef in Korea
c. (3 marks) Now solve for the equilibrium price of beef in Canada with the eliminated tariff
d. (6 marks) Now solve for the equilibrium quantity demanded and supplied in Canada, and equilibrium quantity exported from Canada to Korea
e. (2 marks) Now solve for the equilibrium price of beef in Korea
f. (6 marks) Now solve for the equilibrium quantity demanded and supplied in Korea, and equilibrium quantity of beef imported from Canada
there are ___ credit reporting companies
Answers
an employee can be dismissed if their job surplus to requirements' outline why this state ment is false
Answers
Help!
Which federal agency oversees how clean and how appropriately a restaurants prepare and store foods?
Answers
Answer:
FDA's Center for Food Safety and Applied Nutrition (CFSAN) seeks to ensure that these foods are safe, sanitary, nutritious, wholesome, and honestly and adequately labeled.
Explanation:
When money flows out of the country, it is treated as a debit item", When I sent money from the U.S back to Vietnam to help out my family members, this transaction result in money flows out of the U.S and is treated as a debit item. When I deposit funds into a Canadian account for my niece, this is money out of the U.S hence creating a debit transaction When I export goods from U.S to Vietnam, it creates money flow into the U.S and is treated a credited transaction When my cousin sends me money from Europe for my birthday, this transaction creates money flow in the U.S and therefore is Give two debit and two credit item transactions like one above
Answers
When money flows out of the country, it is treated as a debit item. For example, when you send money from the U.S. back to Vietnam, the transaction results in money flowing out of the U.S. and is treated as a debit item.
Also, when you deposit funds into a Canadian account for your niece, this is money out of the U.S. hence creating a debit transaction. On the other hand, when you export goods from the U.S. to Vietnam, it creates money flow into the U.S. and is treated as a credited transaction. Likewise, when your cousin sends you money from Europe for your birthday, this transaction creates money flow in the U.S and therefore is also treated as a credited transaction
Two debit item transactions:
1. Purchase of raw materials from another country by an American company.
2. Payment for services to an international company by an American company.
Two credit item transactions:
1. A sale by an American company of products to foreign customers
.2. Interest paid to American investors by foreign companies.
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In negative self talk, filtering is when a person _______. a. Focuses only on their problems, ignoring their successes b. Blames themselves for every problem, whether it was their fault or not c. Believes that every situation will end badly d. See themselves as a failure for not living up to impossible standards
Answers
Answer:
In negative self talk, filtering is when a person Focuses only on their problems, ignoring their successes
Explanation:
In negative self talk, filtering is when a person is being negative filtering positive stuff and turning it to something negative instead.
For example if someone passes a test but instead of being proud they feel as if they could have tried harder or gotten a higher grade, that person is filtering their success into negative things.
Hope this helps, Have a great day! :D
In negative self-talk, filtering is when a person focuses only on their problems, ignoring their successes. Thus, option A is the correct option.
What is negative self-talk?When your inner voice is too critical and negative, it is said to be engaging in negative self-talk. It is gloomy and emphasizes the negative. Your self-esteem is damaged, and you are prevented from realizing your potential. It might give you the impression that you will fail even before you begin. Repetitive negative self-talk frequently doesn't correspond to reality.
Rumination, which is repeated with intrusive unpleasant thoughts, might result from it. You will experience negative thoughts about yourself most of the time. This might get you down, and it can be difficult to get back up once you're down. People with anxiety or depression frequently exhibit negative self-talk. It might be overwhelming and impossible to escape from the incessant negative talk.
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Which trend has the world bank seen in its study of poverty in low-income nations?.
Answers
A trend that the World Bank has noticed in its study of low-income nations is b. More women live in poverty than men.
Why is this a trend?In low-income countries, there is a lot of inequality between men and women with women being denied opportunities.
This has led to a situation where women live in more poverty than men because they lack the means to uplift themselves and are forced to depend on men.
In conclusion, option B is correct.
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To deliberately initiate culture change at company is an uphill struggle. Most employees tend to return to familiar ways of doing business. To succeed, executives need to?
Answers
To succeed in deliberately initiate culture change at company , the executives will need to create a sense of urgency, model the changes they wish to see, and show commitment to the new culture.
What is culture change?Cultural change is been used in the public policy in denoting the way society or the organization is been changed.
When this occurs, the society usually bring about new cultural traits as well as the behavior patterns, and social norms, hence, To succeed in deliberately initiate culture change at company , the executives will need to create a sense of urgency, model the changes they wish to see, and show commitment to the new culture.
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NEED HELP AS SOON AS POSSIBLE
Answers
Answer:it is 10,000
Explanation:
Answer:
Q1: Total assets= 25,200
Q2: Total liabilities = 16,500
Explanation:
Q1: Add all your assets to get total assets
Q2: Add all your liabilities to get total liabilities
Q3: Your net worth, quite simply, is the dollar amount of your assets minus all your debts. You can calculate your net worth by subtracting your liabilities (debts) from your assets. If your assets exceed your liabilities, you will have a positive net worth. Conversely, if your liabilities are greater than your assets, you will have a negative net worth.
25, 200-16,500=+8700
In order for money to work properly, the different pieces of currency in an economy should look similar to each other. This is an element of which characteristic of money?
A.) Limited supply
B.) Divisibility
C.) Acceptability
D.) Uniformity
Answers
Answer:
D.) Uniformity
Explanation:
I just did it it was correct and this is just if you need a second opinion.
In order for money to work correctly, the different pieces of currency in an economy should look similar to each other. This is an element of the Uniformity of money. Hence, Option D is correct.
What is currency?When a person wants to market or wants to purchase anything, it can be for self, or for a family member or for a friend, or for anyone else, they have to pay a certain amount of money and that money is known as the currency. Just like each nation has its own language, similarly, they also have its own currency.
For instance, if a person wants to buy or purchase anything in India, they have to use the Indian Rupee which is the currency of India, If one is in Saudi Arabia, they will use Saudi Riyal, and many more. There is a market which is known as the free market, in that market gold is also considered a currency. For smooth functioning of the currency, there should be uniformity of money.
Thus, Option D is correct.
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A decrease in the price of domestically produced industrial robots will be reflected in.
Answers
A decrease in the price of domestically produced industrial robots will be reflected in the GDP deflator but not in the consumer price index.
What is industrial robots?
A manufacturing robot system is referred to as an industrial robot. Industrial robots have three or maybe more axes of motion, are automated, and can be programmed. Robots can be used for a variety of tasks that require high endurance, speed, and precision, such as welding, painting, assembly, disassembly, picking and placing for printed circuit boards, packaging and labelling, palletizing, product inspection, as well as testing. They can help with handling materials. According to the International Federation of Robotics, 1.64 million industrial robots are expected to be in use worldwide by 2020. (IFR). The most popular type of industrial robots are articulating robots. They are also known as robotic arms or manipulator arms because of the way they appear to be human arms. The articulated arms can move in a variety of ways thanks to their multiple degrees of freedom of articulation.
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The visual enhancement of any drawing through color, value, and texture
Answers
Answer:
That would be the composition of a work.
Source:
"The arrangement of elements within a work of art."
https://www.tate.org.uk/art/art-terms/c/composition
The opportunity cost of watching a movie will be equal to;
А) The time lost while watching the show
B)The pleasure that could have been enjoyed watching TV instead
С )The pleasure enjoyed by watching the show
D) The amount paid to buy the tickets
Answers
Answer:
А) The time lost while watching the show
Explanation:
Opportunity cost is the value of the next-best alternative when a decision is made; it's what is given up.
A and D seems correct, but the wording on D makes A the better answer.
What is the risk that Lionel carries because of his spending habits?
Lionel Smith has a habit of buying everything on credit. He now has a huge debt and doesn’t have a concrete plan on how to pay it off. Failure to pay his debt can affect Lionel's 1.)______. It can also lead to 2.)______.
1.)
- earnings
- employability
- credibility
2.)
- financial instability
- overspending
- unemployment
Answers
Answer:
1. Credibility
2. Financial instability
Explanation:
A top performing used car salesman is able to sell his cars to each customer at their maximum willing to pay, a practice known as:____.
A. pricing market to market.
B. perfect price discrimination.
C. insightful pricing.
D. price tying.
Answers
answer this question plz n thank you. (posted the 1st n 2nd question. gonna post 2 other ones.)
3. Many jobs in the Personal Services pathway—such as hairdresser, personal trainer, massage therapist or barber—involve caring for people’s physical needs. List two important qualities that might be needed for success in these kinds of careers and explain how each of the qualities you mentioned are important to finding success in this field.
Answers
Answer:
Confidece, and empathy.
Explanation:
Confidence to know you will do great at your job, and empathy to know how others feel about themselves!
Hope this helps! Brainliest plz!
what is trade in economics
Answers
Answer:
Trade is a basic economic concept that involves the buying and selling of goods and services, in which compensation is paid by a buyer to a seller, for goods or services or the exchange of goods or services between parties(which is known as trade by barter )
Explanation:
Answer: Trade means we give some thing for some thing else
Career Cluster
If your dream is to be an elementary school teacher, the
might be best for you.
A. Education and Training
B. Human Services
C. Health Sciences
D. Training and Instruction
Answers
Answer: A
Explanation
Company Z understands that their business is at risk. How can they use step two in the Decision-Making Process to reach their end goal of increasing sales and customer satisfaction?
Answers
Answer:
I have no clue
Explanation:
I need to answer something bc I'm new sorry
Answer:
Company Z can list the options on how to increase sales and make their business profit again. Some available options that can be listed are responding quickly to customer concerns instead of making them wait a long time, finding a way to have better parking, and to lower their overall prices when selling their products to customers.
Explanation:
For part a you are supposed to state what problems Company Z are having with their company, and if you look at the five steps, the next step for part b is to list some solutions to fix these problems. I hope this helps clarify part b a little bit!
The five steps are:
State the problem
List the options
Determine the pros and cons
Choose the best option
Evaluate the decision/choice
centrifuge is a device used to separate solid components .true or false
Answers
Answer: True
Explanation: Hope This Helps :)
According to the video, what are some decisions that Architects make? Check all that apply. how much money a building will be worth when finished what traffic patterns people will follow how people will feel when they enter or leave a building how many laborers are needed for a project where to put doors, walls, and windows what building materials to use which people will be allowed to enter a building
Answers
Answer:
2,3,5,6
Explanation:
Answer:
other guy is correct
Explanation:
what is engineering?
Answers
Answer:
Engineering is an occupation with an extremely wide reach. The term 'engineering' covers many fields and, by extension, many skills. Engineers are scientists, inventors, designers, builders and great thinkers and improve the state of the world, expand human capability and make people's lives safer and easier.
Engineering skills include:
The scientific methodSocial, cultural and economic awareness MathematicsBiology, chemistry, physics and other areas of scienceCreativityTeamworkWhere science is involved with designs, buildings, use of engines, machines, and structures.denzel is one of 50,000 people defrauded of $40 in an advertising scam. denzel's best course of action to recover his money is to
Answers
Denzel is one of 50,000 people defrauded of $40 in an advertising scam. Denzel's best course of action to recover his money is to become part of a class action lawsuit, which might include plaintiffs who are unaware of the lawsuit or are even unaware they were harmed.
A class action lawsuit is a form of lawsuit in which a person or group represents a larger group. For example, individuals like Denzel who were victims of a advertising scam may collect together and file a class suit in court.
This best courts of action would be representing not only themselves but also any other persons who may have been victims of the particular fraud, regardless of whether they were aware of it or not, and help them recover their money.
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Select the correct answer.
Job opportunities for dietitians are expected to grow this decade.
A. True
B. False
Answers
How does the takt time change as the demand rate increases? The takt time decreases. What happens to the target manpower if the labor content is doubled?
Answers
Manpower is the total number of people who can work to get something done. How quickly you clean your house after a big party will depend on how much manpower you've got.
What is the meaning of Manpower?The entire number of persons who can work to complete a task is known as manpower. The number of people you have will determine how quickly you can clean your home after a large party. Regardless of gender, the phrase "manpower" refers to the "labor force," "workforce," "workers," or simply "people."
In essence, manpower firms serve as a middleman between an employer and an employee. They assist organizations in locating the appropriate talent to meet their needs. As a result, they must work with two businesses concurrently and, if at all feasible, find a good fit between them.
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Across the five years, what is the average revenue generated by sales to public institutions?
A) $498,260,000
B) $99,652,000
C) $500,800,000
D) $307,580,000
E) $93,568,000
What is the difference in revenue generated between sales to businesses and sales to private individuals in Year 5?
A) $358,400,000
B) $207,872,000
C) $150,528,000
D $326,400,000
E) $166,400,000
The lead consultant on the project with Talabot & Hopkins is interested in Talabot & Hopkin's profit development over Year 1 to Year 5.
A) Talabot & Hopkins' proportional profit decreased over the five years.
B) Talabot & Hopkins' profit increased year on year over the five years.
C) Talabot & Hopkins' profit increased over the five years, mainly driven by their sales to private individuals,
D) Talabot & Hopkins'expenses decreased over the five years, which significantly contributed to the profit increase.
E) Talabot & Hopkin's profit increased from $131.1 M in Year 1 to $317.2m in Year 5.
Answers
Across the five years the average revenue generated by sales to public institutions is D) $307,580,000.
What does Average revenue mean?
Average revenue is a measure of a company's total income divided by the number of goods or services sold. It is a measure of how much money a company makes on average from each sale. Average revenue per unit or average revenue per sale are other terms for it.
What is the difference in revenue generated between sales to businesses and sales to private individuals in Year 5?
The difference in revenue generated between sales to businesses and sales to private individuals in Year 5 is C) $150,528,000
The lead consultant on the project with E) Talabot & Hopkin's profit increased from $131.1 M in Year 1 to $317.2m in Year 5.
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Why do many people avoid the topics of taxes more than other areas of personal financial planning?
Search entries or author
Unread
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You hire an experienced pet industry executive to consult with you both throughout the process. In your first meeting, she presents you with an initial market analysis and trend report.
The first decision you need to make is what type of retail format you think will be best for your new venture.
- Superstore
- Specialty store
- Category killer
- Specialty store
Answers
Answer:
Specialty store.
Explanation:
Since it's your new business and you surely don't want to incur a huge investment at this stage. So choosing the other stores such as superstores or category killers will be costly and moreover, they will be irrelevant to your business. Because why would you need to open a general store when your business is related to the pet industry?
50 POINTS
Latasha works with three and four-year-olds in a inner-city afterschool program. The pathway in human services cluster that Latasha works in is.
A. Early childhood development.
B. Counseling and mental health services.
C. Family and Community Services.
D. Personal care services
Answers
A. Early Childhood Development.
Answer:
Latasha works with three and four-year-olds in a inner-city afterschool program. The pathway in human services cluster that Latasha works in is.
A. Early childhood development(No need brainliest)