The Following Selected Account Balances Are Taken from a Merchandising

question 71

Essay

The following selected account balances are taken from a merchandising company's records:
$\begin{array} { l | r | r | r } & \text { Dec. 31 } & \text { Dec. 31, } & \text { For the } \\\hline & { \text { 20X2 } } & { 20 \mathrm { X } 1 } & \text { Year 20X2 } \\\hline \text { Merchandise inventory } & \$ 15,600 & \$ 21,200 & \\\hline\text { Accounts receivable } & 42,000 & 36,000 & \\ \hline \text { Accounts payable } & 32,400 & 27,400 & \\\hline \text { Salaries payable } & 4,400 & 3,000 & \\\hline\\\hline \text { Total assets } & 234,000 & 286,000 & \\\hline \text { Sales } & & & \$ 312,000 \\\hline \text { Cost of goods sold } & & & 165,600 \\\hline \text { Salaries expense } & & & 48,000\end{array}$

(a) Calculate the cash payments made during 20X2 for merchandise. Assume all of the company's accounts payable balances result from merchandise purchases.
(b) Calculate the cash receipts from customer sales during 20X2.
(c) Calculate the cash payments for salaries during 20X2.

Understand the significance of schemes in Piaget's cognitive-developmental theory.

Describe the process of operant conditioning and its application in daily life.

Identify the stages of cognitive development according to Piaget.

Explain the importance of observational learning in behavior acquisition.

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Definitions:

Criminal Conduct

Behavior that violates laws and is punishable by the state or other jurisdiction.

Civil Lawsuit

A legal dispute between two or more parties seeking monetary damages or specific performance rather than criminal sanctions.

Tort

A civil wrong or injury that leads to legal liability, allowing the injured party to seek compensation for damages caused by the tortfeasor.

Exploitation

Also referred to as financial abuse, it is the unauthorized or improper use of the resources of an elder for monetary or personal benefit, profit, or gain. Examples include forgery; misuse or theft of money or possessions; use of coercion or deception to surrender finances or property; or improper use of guardianship or power of attorney.