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enot [183]
2 years ago
14

It will be difficult to institute fiscal policy in a stabilizing manner because politicians will find

Business
1 answer:
faltersainse [42]2 years ago
3 0

It will be difficult to institute fiscal policy in a stabilizing manner because politicians will find budget deficit more attractive during recession.

<h3>What is budget deficit?</h3>

Budget deficit occur when the government spending or expenditure is more than the revenue.

It will be hard to institute fiscal policy based on the fact that  politicians will find budget deficit more attractive during recession in which on the other hand they will be unwilling to run budget surplus when their is  an expansion.

Therefore they will find budget deficit more attractive during recession.

Learn more about budget deficit here:brainly.com/question/26010226

#SPJ1

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Explanation:

A. Explicit cost are the cost paid to others in return of their service. Hence Option A is incorrect.

B. Revenue is the total amount of earnings a company have before deducting for expenses. Hence Option B is correct.

C. Accounting profit means (Revenue - explicit cost) . Hence Option C is incorrect.

D. Economic profit means (Revenue - explicit cost - implicit cost) . Hence Option  D is incorrect.

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What is the name of Jessie Robinson's employer?<br> PERSONAL FINANCE
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On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:
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Answer:

TNT Fireworks

a. Multiple-step Income Statement for the period ended January 31, 2021:

Sales revenue                         $220,000

Cost of goods sold                     115,000

Gross profit                              $105,000

Interest Revenue                                50

Expenses:

Depreciation exp.      3,600

Salaries expense    62,400

Utilities expense     16,500

Bad debt expense   5,900      $88,400

Income before tax                   $16,650

Income taxes exp                        9,000

Net income                                $7,650

Beginning Retained Earnings  50,000

Ending Retained earnings     $57,650

b. Classified Balance Sheet as of January 31, 2021:

Assets

Current assets:

Cash                              $5,400

Accounts Receivable 223,000

Allowance for

Uncollectible Accounts (8,100)

Interest Receivable             50

Inventory                        4,200    $224,550

Long-term assets

Notes Receivable (5%,

due in 2 years)           12,000

Land                          155,000

Equipment                  19,500

Depreciation               (3,600)     $182,900

Total assets                                $407,450

Liabilities and equity

Current liabilities:

Accounts Payable                        $88,200

Salaries payable                            32,600

Income taxes payable                     9,000

Total liabilities                            $129,800

Equity:

Common Stock                        $220,000

Retained Earnings                        57,650

Total equity                              $277,650

Total liabilities and equity       $407,450

c. Closing Entries:

Accounts                       Debit      Credit

Sales revenue        $220,000

Interest Revenue               50

Income summary                     $220,050

To close sales and interest revenue to the income summary.

Income Summary  $212,400

Cost of goods sold                   $115,000

Depreciation exp.                          3,600

Salaries expense                        62,400

Utilities expense                         16,500

Bad debt expense                       5,900

Income taxes exp                        9,000

To close cost of goods sold and expenses to the income summary.

Income summary     $7,650

Retained earnings                   $7,650

To close the net income to the retained earnings.

Explanation:

a) Data and Calculations:

Account Balances:

Accounts                       Debit      Credit

Cash                          $58,700

Accounts Receivable 25,000

Allowance for

Uncollectible Accounts             $2,200

Inventory                   36,300

Notes Receivable (5%,

due in 2 years)         12,000

Land                        155,000

Accounts Payable                       14,800

Common Stock                       220,000

Retained Earnings                    50,000

Totals                  $287,000 $287,000

Analysis of Transactions:

January 1 Equipment $19,500  Cash $19,500

January 4 Accounts payable, $9,500 Cash $9,500

January 8 Inventory $82,900 Accounts payable $82,900

January 15 Cash $22,000 Accounts receivable, $22,000

January 19 Salaries expense $29,800 Cash $29,800

January 28 Utilities expense, $16,500 Cash $16,500

January 30 Accounts receivable $220,000 Sales revenue $220,000

Cost goods sold $115,000 Inventory $115,000

Accounts                       Debit      Credit

Cash                          $58,700 - 19,500 -9,500 +22,000 - 29,800 - 16,500

= $5,400

Accounts Receivable 25,000 - 22,000 + 220,000 = 223,000

Interest Receivable           50

Allowance for

Uncollectible Accounts             $2,200 + 5,900 = 8,100

Inventory                   36,300 + 82,900 - 115,000 = 4,200

Notes Receivable (5%,

due in 2 years)         12,000

Land                        155,000

Equipment                19,500

Accumulated depreciation          3,600

Accounts Payable                       14,800 - 9,500 + 82,900 = 88,200

Salaries payable                        32,600

Income Taxes Payable                9,000

Common Stock                       220,000

Retained Earnings                    50,000

Sales revenue                        220,000

Interest Revenue                             50

Cost of goods sold 115,000

Depreciation exp.      3,600

Salaries expense    29,800 + 32,600 = 62,400

Utilities expense     16,500

Bad debt expense   5,900

Income Taxes          9,000  

Totals                  $287,000 $287,000

Adjusting entries:

Depreciation expenses $3,600 Accumulated depreciation $3,600

Allowance for Uncollectible Accounts = $1,500

Allowance for uncollectible accounts = $6,600 ($220,000 * 3%)

Total allowance for uncollectible = $8,100 ($1,500 + $6,600)

Bad debts expense $ 5,900 Allowance for Uncollectible $5,900

Interest Receivable $50 Interest Revenue = $50 ($12,000 * 5% * 1/12)

Salaries Expense $32,600 Salaries payable $32,600

Income Taxes $9,000 Income Taxes Payable $9,000

Adjusted Trial Balance

As of January 31, 2021

Accounts                       Debit      Credit

Cash                              $5,400

Accounts Receivable 223,000

Interest Receivable             50

Allowance for

Uncollectible Accounts               $8,100

Inventory                        4,200

Notes Receivable (5%,

due in 2 years)           12,000

Land                          155,000

Equipment                  19,500

Accumulated depreciation          3,600

Accounts Payable                      88,200

Salaries payable                        32,600

Income taxes payable                 9,000

Common Stock                       220,000

Retained Earnings                    50,000

Sales revenue                        220,000

Interest Revenue                             50

Cost of goods sold 115,000

Depreciation exp.      3,600

Salaries expense    62,400

Utilities expense     16,500

Bad debt expense   5,900

Income taxes exp    9,000

Totals                 $631,550 $631,550

8 0
3 years ago
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