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Answer:
June 10
Dr Inventory $7,100
Cr Accounts payable $7,100
June 11
Dr Inventory $350
Cr Cash $350
June 12
Dr Accounts payable $600
Cr Inventory $600
June 19
Dr Account payable $6,500
Cr Cash $6,240
Cr Inventory $260
Explanation:
Preparation of a separate journal entries for each transaction on the books of Blossom Company.
Books of Blossom Company
June 10
Dr Inventory $7,100
Cr Accounts payable $7,100
June 11
Dr Inventory $350
Cr Cash $350
June 12
Dr Accounts payable $600
Cr Inventory $600
June 19
Dr Account payable $6,500
($7,100-$600)
Cr Cash $6,240
($6,500-$260)
Cr Inventory $260
(4%*$6,500)
Answer:
If MPC is 0.8, Change in GDP = $500 million
If MPC is 0.95, Change in GDP = $2,000 million
Explanation:
<em>Expenditure Multiplier is the amount by which the real GDP will change if autonomous expenditure changes by a given amount.</em>
It is calculated as follows: 1/(1-MPC).
MPC is the portion of additional income that is spent. If the MPC is 0.8, then the expenditure multiplier will be = 1/(1-0.8) = 5
Using the first scenario with an increase in government spending by $100million, the resulting change in GDP would be
Change in GDP = change in autonomous expenditure × Multiplier
= 100 × 5 = $500 million
<em>Scenario 2, MPC of 0.95</em>
Expenditure Multiplier = 1/(1-0.95) = 20
Change in GDP= 100 × 20 = $2000 million
Answer:
The answer is c.reported on the balance sheet as a deduction from the cost of the mineral deposit.
Explanation:
Accumulated Depletion Account is the account showing the accumulated depletion expenses relating to the use/exploitation of natural resources since the beginning.
Just like Accumulated Depreciation Account, The Accumulated Depletion Account is a contra-asset account which is reported on the Balance Sheet under the Natural Resources Account; the net effect of the two account shows the net book value of Natural Resources Account.
Thus, c. reported on the balance sheet as a deduction from the cost of the mineral deposit. is the correct choice.
Answer:
The answer is TRUE.
According to the law of increasing costs, the cost of producing kiwis will increase.
Explanation:
The law of increasing costs states that as more factors of production are shifted from making one product or service to a second product or service, the cost of producing the second item increases.
As we can see in the scenario given above, the community of Desertville initially produced a small amount of Kiwi fruit. But as kiwis became more popular, its cultivation had to be expanded, therefore, increased costs would be incurred in the process of this expansion.
