Use the Following Information to Calculate At, or for the Year

question 91

Essay

Use the following information to calculate at, or for the year ended, December 31, 2010, (A) net income,(B) owner's capital,(C) total liabilities and owner's equity, and(D) accounts receivable.
$\begin{array}{lrlr}\text { Supplies } & 1,000 & \text { Cash } & \$ 32,000 \\\text { Wages Expense } & 14,000 & \text { Withdrawals } & 16,000 \\\text { Accounts Payable } & 22,000 & \text { Notes Payable } & 4,000 \\\text { Owner's Capital, } & & \text { Land } & 7,000 \\\quad \text { December 31, 2009 } & 28,000 & \text { Owner's Capital, } & \\\text { Accounts Receivable } & ? & \text { December 31, 2010 } & ?\\\text { Rent Expense } & 6,000 & & \\\text { Commissions Earned } & 30,000 & &\end{array}$

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Definitions:

Dominate

To have control or exert power over others, often characterizing relationships or interactions where one party has a significant influence over another.

Oblige

To compel someone to do something by moral, legal, or social pressure; an act of providing a service or favor out of duty.

Concern For Self

The consideration and care for one's own interests, well-being, or safety.

Obliging

A conflict management style characterized by attempting to minimize differences and emphasizing commonalities to satisfy the concerns of the other party.