Consider the effects of inflation in an economy composed of only two people: Edison, a bean farmer, and Hilary, a rice farmer. Edison and Hilary both always consume equal amounts of rice and beans. In 2019 the price of beans was $1, and the price of rice was $4. Suppose that in 2020 the price of beans was $2 and the price of rice was $8. Inflation was. Indicate whether Edison and Hilary were better off, worse off, or unaffected by the changes in prices. Better Off Worse Off Unaffected Edison Hillary Now suppose that in 2020 the price of beans was $2 and the price of rice was $4.80. In this case, inflation was. Indicate whether Edison and Hilary were better off, worse off, or unaffected by the changes in prices. Better Off Worse Off Unaffected Edison Hilary Now suppose that in 2020, the price of beans was $2 and the price of rice was $1.60. In this case, inflation was. Indicate whether Edison and Hilary were better off, worse off, or unaffected by the changes in prices. Better Off Worse Off Unaffected Edison Hilary What matters more to Edison and Hilary

Identifying transactions national park tours co. is a travel agency. the nine transactions recorded by national park tours during may 2019, its first month of operations, are indicated in the following t accounts: cash (1) 75,000 (2) 900 (7) 8,150 (3) 1,600 (4) 6,280 (6) 2,700 (9) 2,500 accounts receivable (5) 12,300 (7) 8,150 supplies (2) 900 (8) 660 equipment (3) 8,000 accounts payable (6) 2,700 (3) 6,400 beth worley, capital (1) 75,000 beth worley, drawing (9) 2,500 fees earned (5) 12,300 operating expenses (4) 6,280 (8) 660 indicate for each debit and each credit (a) whether an asset, liability, owner's equity, drawing, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased account debited account credited transaction type effect type effect (1) (2) (3) (4) (5) (6) (7) (8) (9)

Exercise 8-6 goods in transit [lo8-2] the kwok company's inventory balance on december 31, 2016, was $190,000 (based on a 12/31/16 physical count) before considering the following transactions: 1. goods shipped to kwok f. o.b. destination on december 20, 2016, were received on january 4, 2017. the invoice cost was $35,000. 2. goods shipped to kwok f. o.b. shipping point on december 28, 2016, were received on january 5, 2017. the invoice cost was $22,000. 3. goods shipped from kwok to a customer f. o.b. destination on december 27, 2016, were received by the customer on january 3, 2017. the sales price was $45,000 and the merchandise cost $27,000. 4. goods shipped from kwok to a customer f. o.b. destination on december 26, 2016, were received by the customer on december 30, 2016. the sales price was $25,000 and the merchandise cost $18,000. 5. goods shipped from kwok to a customer f. o.b. shipping point on december 28, 2016, were received by the customer on january 4, 2017. the sales price was $30,000 and the merchandise cost $17,000. required: determine the correct inventory amount to be reported in kwok's 2016 balance sheet.

Arecession is defined as a period in which