Economics Answers

a. The payment of the 19, 000 insurance premium for two years in advance was originally recorded as Prepaid Insurance. One year of the policy is now expired. b. All employees earn a total of P10,000 per day for a five-day week beginning on Monday and ending Friday. They were paid for the workweek ending December 26. They worked on Monday, December 29, Tuesday, December 30, and Wednesday, December 31. c. The supplies account had a balance of P4,480 on January 1. During the year, P11,000 of supplies were bought. A year-end inventory showed that P6,400 worth of supplies are still on hand. d. Equipment costing, P588,000 has a useful life of five years with an P80,000 salvage value at the end of five years. Record the depreciation for the year.

On the job experience typically enhances a person’s productivity in that particular job. If the person’s salary increases to reflect increased experience but the additional experience has no relevance for other jobs, does this higher salary reflect an increase in opportunity cost or in economic rent?

Which economic decision makers determine the supply of labor? What is their goal and what decision criteria do they use in trying to reach that goal?

Which economic decision-makers determine the demand for labor? What is their goal and what decision criteria do they use in trying to reach that goal?

A society that producing on its production possibilities curve is

You have the following information for MrVuong’s store for fiscal year 20X0:

February:

1st Hire a sale assistant @700 per month, salary is paid at the end of each month. Also, purchase an insurance contract for the vending machine (@50 per month, the length of the contract is 12 months and cash pay full in advance).

2nd Invest more 3,000 cash into the business.

5th Purchase goods at cost of 5.000 on credit.

12th Make a payment of 7.000 cash to supplier of goods.

18th Sell goods (which originally cost 5.000) @3.000 in cash (due to an impairment of the quality of sold goods).

20th Borrow 1.000 cash from bank.

25th Sell goods (which originally cost 2.000) @3.000 and 50% of this is received in cash (the rest is on credit).

28thPay salary (@50 cash) for sale assistant.

Requirement: Record the transactions in February and prepare Trial Balance for the month.

You have the following information for MrVuong’s store for fiscal year 20X0:

January:

1^stInvest 15.000 in cash to open up the store, also sign a 3-months rental contract for the store (@500 per month and pay full in advance)

      3^rd Purchase goods at cost of 3.000 by cash

      5^th Purchase vending machine at cost of 5.000 on credit(Depreciation is estimated @$50 per month)

      6^th Sell goods @3.500 and receive cash (the mount of good originally costs 2.500)

      11^th Pay for the vending machine by cash (@5.000)

      17^th Invest more 5.000 in cash to the business

      20^th Deposit 8.000 cash to open-up a bank account

      26^thPurchase goods at cost of 10.000 on credit

      31^stSell goods (which originally cost 7.000) @9.000 on credit 

Requirement:

1.     Record the transactions in January and prepare Trial Balance for the month

True/False:

1. The Achaemenid Empire was defeated by Pharaoh Rameses the Great: ___________

2. The Chavin of Andes carried out long-distance trade in dyes and precious stones such as

obsidian. _____________

Multiple Choice:

1. Which of the following was a way in which the Zhou asserted political power?

(a) The Zhou ruler’s power was transmitted through clan networks;

(b) The Zhou copied the Shang patrimonial state, centered on ancestor veneration;

(c) The Zhou paid tribute to the nomadic tribes to keep them from invading;

(d) The Zhou ruler was selected by the most powerful regional lords;

(e) They claimed descent from Yu the Great.

Pay personal tax to the government in circular flow