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What is the equilibrium number of houses and the equilibrium price if there were no immigration (IM=0)? Show this situation in a graph.
Now, suppose 350 families have immigrated within the year (IM=35).
Show this new situation on your graph.
What is the new equilibrium price and number of houses?
How many of the “old” families (non-immigrant) have lost their ability to buy a house?
By how much does the number of houses supplied increase?
STATEMENT OF FINANCIAL POSITION
PRACTICE SET 5
- The Creep Company has the following accounts in year-end 2020.
- Kindly prepare the SFP in both report and account forms.
Accounts Payable ₱ 600,000
Unearned Revenue 1,210,000
Salaries Payable- current 120,000
Owner’s Withdrawals 280,000
Owner’s Capital 1,500,000
Comprehensive Income 3,000,000
Total Current Assets 80% of total liabilities
Cash 250,000
Inventories 480,000
Prepaid Expenses 600,000
Property, Plant and Equipment ?
Accounts Receivable ?
- The Creep Company has the following accounts in year-end 2020.
- Kindly prepare the SFP in both report and account forms.
Accounts Payable ₱ 600,000
Unearned Revenue 1,210,000
Salaries Payable- current 120,000
Owner’s Withdrawals 280,000
Owner’s Capital 1,500,000
Comprehensive Income 3,000,000
Total Current Assets 80% of total liabilities
Cash 250,000
Inventories 480,000
Prepaid Expenses 600,000
Property, Plant and Equipment ?
Accounts Receivable ?
Canodia oil milds, delhi consigned 500 tins of vanaspati ghee to Aggrawal bros, jalandhar. Each tins cost Rs 132@Rs8 per kg. Oil mills paid Rs 50 as carriage Rs 250 as freight and Rs200 as insurance in transit............................show the necessary account in the books of both the parties
STATEMENT OF FINANCIAL POSITION
PRACTICE SET 5
- The Creep Company has the following accounts in year-end 2020.
- Kindly prepare the SFP in both report and account forms.
Accounts Payable ₱ 600,000
Unearned Revenue 1,210,000
Salaries Payable- current 120,000
Owner’s Withdrawals 280,000
Owner’s Capital 1,500,000
Comprehensive Income 3,000,000
Total Current Assets 80% of total liabilities
Cash 250,000
Inventories 480,000
Prepaid Expenses 600,000
Property, Plant and Equipment ?
Accounts Receivable ?
II. Directions: Based on the following amounts of Lychee Company,
prepare a cash flow statement for the year ended 2020
Cash balance, January 1, 2020 ₱ 300,000
Decrease in accounts receivable ₱ 85,000
Interest expense ₱ 55,500
Proceeds from sale of equipment ₱ 130,000
Payment of equity financing ₱ 65,000
Decrease in accounts payable ₱ 54,000
Increase in inventory ₱ 118,000
Proceeds from issuance of long-term bonds payable ₱ 250,000
Increase in salaries payable ₱ 125,000
Income tax expense ₱ 49,000
Payment for purchase of equipment ₱ 280,000
I. Directions: Determine whether each of the following activities is operating, financing or
investing in nature.
- Payments for purchases of inventories
2. Payment for current taxes
3. Sale of land owned by the entity with double revaluation surplus
4. Proceeds from long-term borrowings
5. Revenue from services
6. Payments for machineries bought from supplier
7. Repayment of long-term loans payable
8. Purchase of long-term investment from other company
9. Proceeds from sale of franchise
10. Payment of income tax expenses
A. Choose the letter that corresponds to the correct answer. (Determine the effect of the following transactions on Cash)
1. An increase in the balance of Prepaid Advertising
a. Positive c. No effect
b. Negative d. Adverse Effect
2. A decrease in taxes payable
a. Positive c. No effect
b. Negative d. Adverse effect
3. Initial investment by the owner
a. Positive c. No effect
b. Negative d. Adverse effect
4. Purchase of office equipment
a. Positive c. No effect
b. Negative d. Adverse effect
A. Solve the following.
1. If price increases from 25 to 35 (P=30) and quantity demanded falls from 80 to 60 units (Q=70), what is the elasticity of demand?
2. If price decreases from 40 to 30 and quantity demanded rises from 15 to 30 units, what is the elasticity of demand?
3. If income rises 15 percent in a year and the demand for clothing by 20 percent, find the YED.
4. If 5 percent increase in the of iphone, the demand for Huawei phone increases by 20 percent, find the XED.
2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of June, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during June is $200. b. Supplies on hand on June 30 are $650. c. Depreciation of office equipment for June is $250. d. Accrued receptionist salary on June 30 is $220. e. Rent expired during June is $2,000. f. Unearned fees on June 30 are $1,875. 5. Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. 6. Journalize and post the adjusting entries. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owner’s equity, and a balance sheet. 9. Prepare and post the closing entries. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.
#340153 on Dec 2023