Answer:
The Journal entries are as follows:
(i) On April 6,
Cash A/c Dr. $5,000
To Sales $5,000
(To record the cash sales )
(ii) On April 6,
Cost of goods sold A/c Dr. $3,000
To merchandise inventory $3,000
(To record the cost of goods sold)
(iii) On April 12,
Sales return and Allowances A/c Dr. $630
To cash $630
(To record the sales return)
(iv) On April 12,
merchandise inventory A/c[(630 ÷ 5,000) × 3,000] Dr. $378
To cost of goods sold $378
(To record the cost of sales return and allowances
Answer:
Equilibrium output will rise by <u>$10,000.</u>
Explanation:
Marginal propensity to consume (MPC) shows the change in the amount consumption expenditure by consumer as a result of change in the national income.
In order to calculate the amount by which equilibrium output will rise, we need to first calculate the multiplier as follows:
Multiplier = 1 / (1 - MPC) = 1 / (1 - 0.9) = 1 / 0.1 = 10
Since we also have:
Amount of rise in government spending = $1,000
Therefore, we have:
Effect $1,000 rise in government spending on equilibrium output = Amount of rise in government spending * Multiplier = $1,000 * 10 = $10,000
Therefore, equilibrium output will rise by <u>$10,000</u>.
Answer:
Mio's foreign earned income exclusion s $94,361
Explanation:
The foreign earned income exclusion limit for 2016 is $101,300
So, the foreign earned income exclusion based on days equals to
= Foreign earned income exclusion limit × (2016 days ÷ total number of days in a year)
= $101,300 × (340 days ÷ 365 days)
= $94,361
We assume 365 days in a year as it is not given in the question