Match the following assertions with their associated description: (a) existence/occurrence
(b) completeness
(c) rights and obligations
(d) valuation or allocation
(e) presentation and disclosure.
1. The recorded balances reflect the true underlying economic value of those liabilities.
2. Accounts payable balances include all accounts payable transactions that have taken place during the period.
3. The company actually owes a liability for the accounts payable as of the balance sheet date.
4. Accounts payable is properly classified on the balance sheet and disclosed in the notes to the financial statements.
5. Accounts payable balances exist at the balance sheet date.

10. problems and applications q10 a market is described by the following supply-and-demand curves: qsqs = = 2p2p qdqd = = 300â’p300â’p the equilibrium price is $ and the equilibrium quantity is . suppose the government imposes a price ceiling of $90. this price ceiling is , and the market price will be $ . the quantity supplied will be , and the quantity demanded will be . therefore, a price ceiling of $90 will result in . suppose the government imposes a price floor of $90. this price floor is , and the market price will be $ . the quantity supplied will be and the quantity demanded will be . therefore, a price floor of $90 will result in . instead of a price control, the government levies a tax on producers of $30. as a result, the new supply curve is: qsqs = = 2(pâ’30)2pâ’30 with this tax, the market price will be $ , the quantity supplied will be , and the quantity demanded will be . the passage of such tax will result in .