Total Assets, Liabilities, and Shareholders' Equity Are $22,000, $5,000, and $17,000

question 97

Essay

Total assets, liabilities, and shareholders' equity are $22,000, $5,000, and $17,000 before land costing $10,000 is purchased in exchange for a $1,000 note payable and $9,000 cash. During the year, the company earned $50,000 of revenues of which only $45,000 was collected. Expenses totaling $44,000 were incurred, but $2,000 of this had not been paid by the end of the year. Show the amounts that would be reported on the accounting equation as a result of these transactions.

Differentiate between various hearing disorders and their etiological factors.

Identify the pharmacological and non-pharmacological treatments available for hearing and balance disorders.

Understand the basic concepts of demand and supply in economics.

Calculate price elasticity of demand for various goods.

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Definitions:

Theodore Simon

A French psychologist who, together with Alfred Binet, developed the first intelligence test known as the Binet-Simon scale.

Intelligence

The ability to acquire and apply knowledge and skills, involving processes such as reasoning, learning, and problem-solving.

Hereditary Genius

A concept suggesting that genius or exceptional ability is inherited genetically from one's ancestors.

Francis Galton

A British polymath who made significant contributions to fields like statistics, psychology, and genetics, often considered a pioneer in the study of human intelligence.