Calculate the Percent Increases for Each of the Following Selected

question 203

Essay

Calculate the percent increases for each of the following selected balance sheet items.
$$\begin{array} {| l | r | r| } \hline & { 2018 } &{ 2017 } \\\hline \text { Cash }& \$ 569 & \$ 448 \\\hline \text { Accounts receivable }& 2,234 & 2,337 \\\hline \text { Merchandise inventory }& 1,062 & 1,071 \\\hline\text { Plant assets } & 2,432 & 2,138 \\\hline \text { Bonds payable } & 1,164 & 1,666 \\\hline \text { Equity }& 2,777 & 2,894\end{array}$$

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Definitions:

Substitution Effect

The change in consumption patterns due to a change in relative prices of goods, leading individuals to substitute cheaper goods for more expensive ones.

Compensated Demand Function

A demand function that adjusts for changes in income to show how quantities demanded by consumers change in response to a price change while keeping utility constant.

Adequately Paid

Compensation that meets or exceeds the value of the work performed or the qualifications of the individual.

Utility Function

This describes a formula used in economics to quantify the happiness or satisfaction obtained by a consumer from consuming goods and services.