Selected Account Balances of Rich and Company as of December

question 33

Essay

Selected account balances of Rich and Company as of December 31, the end of its fiscal year, are listed below in alphabetical order.
Instructions:
Based on the account balances above, prepare a classified balance sheet.
$$\begin{array} { l r } \text { Accounts Payable } & 36,510 \\\text { Accounts Receivable } & 32,633 \\\text { Accumulated Depreciation, Building } & 39,350 \\\text { Accumulated Depreciation, Equipment } & 23,030 \\\text { Building } & 66,970 \\\text { Cash } & 28,705 \\\text { Equipment } & 36,720 \\\text { Land } & 13,580 \\\text { Merchandise Inventory } & 58,823 \\\text { Mortgage Payable } & 30,613 \\\text { Mortgage Payable (current portion) } & 4,100 \\\text { Notes Payable } & 5,200 \\\text { Notes Receivable } & 4,023 \\\text { Frepaid Insurance } & 3,113 \\\text { S. Rich, Capital } & 105,049 \\\text { Supplies } & 2,585 \\\text { Unearned Rent Income } & 1,000 \\\text { Wages Payable } & 2,300\end{array}$$

Comprehend the concept of learned helplessness and its psychological implications.

Grasp the theory and experiments behind latent learning and cognitive maps as proposed by Edward C. Tolman.

Recognize the impact of reward systems on learning and behavior modification.

Identify different psychological approaches to explaining learning processes, including classical and operant conditioning.

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Definitions:

Circular Flow Model

A simplified economic model that illustrates how money, goods, and services move through the economy in different markets between households and firms.

Basic Markets

Refers to the simplest forms of economic markets where goods and services are exchanged between buyers and sellers under minimal regulations or complexities.

Resource Market

A marketplace where resources or inputs (like labor, capital, and raw materials) needed for production are bought and sold.

Incentive Problem

A situation where the economic incentives offered do not align with desirable outcomes, leading to inefficiency or undesired behavior.