The correct answers to fill in the blanks are:
“a systematic way of thinking”
and
“misguided conclusions”
<span>Economics uses theories and extensive research to
determine the flexibility of two most important factor, price and demand on a
household. Economics helps us answer the how and the why of the financial side
of the country.</span>
The answer in this question is 105,546 dollars. The present value of the annuity is ($60,000 × 1.75911) or 105,546 dollars. The formula to get the present value of annuity is $60,000 * 1.75911 so we can get an answer which is 105,546 dollars.
<span>Areas of poorly maintained housing in cities are known as C. slums.
The term slum refers to the worst parts of a city where people are very poor and live in bad conditions. Apartments can be good or bad, so that option is incorrect; high rises are just tall buildings; projects refer to public housing where the building is owned by the government, so that is also incorrect.
</span>
Entry to close the income summary account at the end of the year:
At the time of closing the Income Summary account, the Income Summary account is debited and Retained earnings account is credit with the amount of Net Income. Net Income can be calculated as follows:
Net income = Revenue – Expenses = 201,000-111,700 = $89,300
Hence the entry to close the income summary account at the end of the year shall be as follows;
Income Summary Debit $89,300
Retained earnings Credit $89,300
