Osage Corporation Began Business Operations and Experienced the Following Transactions

question 147

Essay

Osage Corporation began business operations and experienced the following transactions during 2016:
1)Issued common stock for $25,000 cash.
2)Issued a $20,000,6% 4-year note to the bank on February 1.
3)Provided services to customers for $80,000 cash.
4)Paid $38,000 for operating expenses.
5)Accrued interest expense on the note.
6)Paid a $4,000 dividend to shareholders.
Required:
Record the above transactions on a horizontal statements model to reflect their effect on Osage's financial statements.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.Precede a cash outflow amount with a minus sign.In the last column,enter OA,IA,FA for the type of cash flow activity,or NA if there is no activity.

Grasp the concepts of opportunity cost and how it relates to leisure and labor.

Recognize the effects of wage changes on labor supply and demand, including the substitution and income effects.

Examine the role of goods and services markets in contrast to labor markets.

Analyze factors influencing individual labor supply curves and the impact of changes in wages.

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Definitions:

Myelin

A fatty substance that surrounds and insulates nerve fibers, increasing the speed at which electrical impulses are conducted.

Conduction Speed

The rate at which an electrical impulse travels along a nerve or muscle fiber.

Autoimmune Disease

Illness resulting from the loss of the immune system’s ability to discriminate between foreign pathogens in the body and the body itself; abnormal immune response by the body against substances and tissues normally present in the body.

Genetic Risk Factors

Hereditary elements that increase the likelihood of developing certain diseases or conditions.