Miss janelle owns a restaurant in laguna called miss janelle’s restaurant. the
restaurant has been operating for several months now. currently, it has the
following accounts recorded in her books: (1) cash ₱10 000, (2) accounts payable
₱20 000, (3) equipment ₱50 000, (4) receivables ₱2 000, (5) owner’s equity
(unknown), (6) inventory ₱30 000. during the month of april, the following
1. purchased inventory on credit for ₱20 000
2. borrowed additional ₱3 000 from a local bank
3. purchased kitchen equipment for ₱1 000
4. paid the inventory purchased in credit
5. celebrated their 10th anniversary. mister ramirez incurred the party
expenses of ₱5 000.
6. disposed ₱5 000 worth of equipment and replaced it by purchasing ₱10
000 new equipment through cash
7. miss janelle hired her sister, joy, to help with the work in her restaurant. joy
signed a contract of employment with ₱5 000 as the starting salary.
8. paid the bank ₱3 000 for the loan plus interest expense of ₱500
9. paid income taxes of ₱1 000.
10. a break-in occurred in the restaurant. inventory worth ₱2 000 was stolen.
11. a famous blogger discovered the restaurant of miss janelle. miss janelle
expects that this would boost the restaurant’s sale by ₱10 000.
12. for the month of july, total sales amounted to ₱50 000 in cash and ₱10 000
13. cost of sales incurred for the month is 50% of the total sales.
14. miss janelle withdrew ₱4 000 from her capital.
(1) determine the effect of each day’s transaction to the accounting equation.
(2) what is the cumulative effect in equity of the transaction incurred by miss janelle’s
have you heard that the economy is like a car? it’s the most popular analogy in financial reporting and political discourse. the american people are repeatedly told by financial pundits and politicians that consumption is an “engine” that “drives” economic growth because it makes up 70% of gdp. one notable nobel-winning economics pundit with a penchant for bizarre growth theories even recently noted that an economy can be “based on purchases of yachts, luxury cars, and the services of personal trainers and celebrity chefs." conversely, other economists including nobel-winner joseph stiglitz claim that our economy is stuck in “first gear” due to inequality: too much income is concentrated among too few rich people who tend to save larger share of their income and thus have a lower “marginal propensity to consume”. the keynesian message is clear: if you want to put the economic pedal to the metal, get out there and consume!
not so fast, speed racer. the systematic failure by keynesian economists and pundits to distinguish between consuming and producing value is the single most damaging fallacy in popular economic thinking. this past christmas, we produced a playful video called “deck the halls with macro follies” exploring the history of this popular myth. if the economy were a car, consumer preferences would surely be the steering wheel, but real savings and investment would be the engine that drives it forward.
harapin natin ang katotohanan, hindi lahat ay may sapat na kaalaman ukol sa paksang ekonomiks. maliban na lamang kung ikaw ay isang propesor o estudyante, magkakaroon ka ng ideya kung ano ang ekonomiks sa isang bayan. madalas lamang naririnig ang katagang ito sa eskwelahan at sa mga politiko na namumuno sa isang bansa ngunit hindi naman nauunawaan ng karamihan. sa artikulong ito, bibigyang diin ang konsepto ng ekonomiks at kung paano naging mahalagang konsepto ng ekonomiks ang mga bagay na nakapaloob rito. at bibigyan rin ng kaukulang pagpapaliwanag upang mas maunawaan ng husto ito.
while north korea get their money from china or russia
the seller will have a loss because customers will not be interested to buy from the seller when the price is lower in the marker. thus, the seller will have no profit and that is his/her loss.