Econ Quiz Essay

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The Summer 2012 Accounting Tribe The Second Encounter Rules: No Cheating __________________________________ Name __________________________________ PID __________________________________ Class Time Pledge: By signing my name below, I am promising that: 1) The work I complete is my own, 2) I did not and will not give aid to others, 3) I will not share any information about the examination with those who are taking it later, and 4) I will report any others that I observe violating these rules. Signature ________________________________________________ The following data is for Molly’s Munchies: Balance Balance 12/31/10 12/31/11 Cash 20,000 90,000 Accounts Receivable 40,000 80,000 Allowance for Doubtful Accounts 5,000 12,000 Inventory 90,000 70,000 Prepaid Insurance 3,000 1,500 Equipment 290,000 340,000 Accumulated Depreciation 20,000 80,000 Land 120,000 Security Deposits 10,000 12,000 Accounts Payable 30,000 35,000 Wages Payable 10,000 6,000 Rent Payable 6,000 8,000 Interest Payable 7,000 6,500 Taxes Payable 5,000 16,000 Note Payable 140,000 130,000 Common Stock ($1 each) 180,000 300,000 Retained Earnings 50,000 120,000 Sales 1,200,000 Cost of

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