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

question 167

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 assets, and(D) cash.
$\begin{array}{lrcr}\text { Salaries Expense } & 4,000 & \text { Commissions Earned } & \$ 20,000 \\\text { Accounts Payable } & 7,000 & \text { Owner's Capital, } & \\\text { Withdrawals } & 6,000 & \text { December } 31,2010 & ? \\\text { Accounts Receivable } & 8,000 & \text { Utilities Expense } & 2,000 \\\text { Inventories } & 22,000 & \text { Owner's Capital, } \\\text { Cash } & ? & \text { December } 31,2009 & 26,000 \\\text { Salaries Payable } & 1,000 & &\end{array}$

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Definitions:

Figures

Represents numerical data or statistical information, often displayed in graphs, charts, or tables.

Gestalt Principles

Psychological theories proposing that people naturally perceive objects as organized patterns and objects, not just as simple aggregates of their components.

Grouping

Grouping refers to the process of organizing objects, individuals, or ideas into categories or clusters for easier understanding or analysis.

Size Constancy

The perceptual phenomenon in which the size of an object is perceived to remain constant despite changes in its distance from the observer.