Further checks revealed the following during 2018: During the financial year a trade debt of $10,200 owed by Linda Grayson was off set against the S20,000 owing to the same Linda Grayson a trade creditor. • In addition to the goods returned above, Jane Hutton, a cash sales customer returned goods during the financial year amounting to $7,000. Jane Hutton was repaid her $7,000 from the daily cash sales. This was not yet reflected in the business reconds • Patsy Knight grants a credit period of 30 days to customers. The closing trade receivables' balance includes a debt of $8.000 from Favela Brown. The goods were sold to Favela in November 2017. Favela went to the United States of America for a two (2) weeks' vacation in February 2018. On December 31, 2018 Favela was still in the USA • Patsy Knight keeps a cash float of S10,000 for change in his retail outlet. Excess cash is deposited in the bank account and cash shortfall is taken from the bank. • The accounting foe for preparing the 2018 financial statements is estimated at $45,000. The following additional information is aso available: 1 January 2018 31 December 2018 8.300 A19,800 R19400 40.400 Inventories Machinery Rent paid in advanced Rent out standing Trade reccivables Trade payables Loan from bank at 10% Loan interest owing 000 1,050 18,100 15.700 17.000 19.200 14,800 17.000 7.50 Required: a) Prepare a statement of affair to show Patsy Knight's capital on I January 2018. b) Prepare the Trade receivables Control Account c) Prepare the Trade payables Control Account d) Extract a trial balance as at December 31, 2018. e) Prepare the Income Statement for the year coded 31 December, 2018 ) Statement of changes in owner's equity for the year cnded 31 December, 2018, R) Prepare a COMPARATIVE Statement of Financial Position as at 31 December, 2018. h) Prepare a Statement of Cash Flow for the year ended 31 December, 2018
Functions of the Federal Reserve System
The Federal Reserve System looks after the financial activities and operations of the banking system. It is the apex body that has complete control over the banking regulations. All the guidelines regarding the banking system, money supply, and formulation of the monetary policy come under the purview of the Federal Reserve System. The New York Fed also helps in drafting the monetary policy and supervising the financial system.
Elastic and Inelastic Markets
Measuring the change in percentage of an economic variable with respect to change in a different economic variable is known as elasticity. This change in percentage results in a change in price concerning changes in other factors. In simple terms, when one factor brings a change to another factor, it is called elasticity.
please solve a,b,c and d.
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