Economics Answers

A. Prepare the Balance Sheet with the given data.

• Accounts Payable - 47,845.00
• Accounts Receivable - 7,050.00
• Equipment and Supplies - 35,500.00
• Cash - 10,000.00
• Equity - 6,035.00
• Retained Earnings - 3,965.00
• Loan Payable - 10,780.00
• Inventory - 16, 075.00

Agriculture Transformation Index  information regarding

1. Definition

2. Sector for which index is created

3. Objective of the index

4. Limitations

A. Prepare an income statement given the following data:

• Insurance - 250.00
• Sales Revenue - 20,000.00
• Rent - 8,500.00
• Utilities - 750.00
• Payroll - 4,000.00
• Marketing - 2,500.00

A. Compute the missing information to prepare the Balance sheet given the following data.

a. Assets:

• Cash - 7,000.00
• Accounts Receivable - 600.00
• Inventory - 700.00
• Equipment - 1,000.00
• Total assets - ?

b. Liabilities:

• Accounts Payable - 1,900.00
• Loan Payable - ?
• Total Liabilities - 5,400.00

c. Equity:

• Owner's Equity - 2,700.00
• Retained Earnings - 1,200.00
• Total Equity - ?

Discuss the effectiveness of supply side policy in increasing the supply of enterprise to the economy(12)

1. What is the difference between daily tasks and weekly tasks record in a business?
2. What is the difference between financial statement and income statement?
3. Why is record keeping important in a business?

1. What are the three approaches in preparing bank statement?
2. Write the proforma entry of bank reconcilation using the adjusted balance method.

1. What are the reconciling items in the bank accounts?
2. What are the reconciling items in the book accounts?

A. Differentiate the three types of bank deposits.

• Savings Deposit
• Demand Deposit
• Time Deposit

A. The account of Pink Lady Company was tasked to perform monthly bank reconciliation. She downloaded the company's October 31 bank statement that showed a balance of 64,800.00. She also printed the cash ledger from the company's computerized accounting system. It states an ending balance of 16,700.00. She also found the following items:

• The bank statement showed bank service charge of 1,600.00
• The bank collected 3,000.00 from a note receivable for PX Manufacturing. 500.00 was charged as a collection fee.
• Deposits in transit, 102,000.00
• Checks outstanding on November 30, 158,200.00
• The accountant found a check issued to Oragon Corporation for 9,000 that cleared the bank but was not in the ledger.

(Required: Prepare a bank reconciliation using the adjusted balance)