Answer:
Retained Earnings Balance at end of Year 1 = $360
Explanation:
First we need to determine the profit/loss for the year as part of the retained earnings calculation.
Lexington Company
Income Statement for the year ended - Year 1
Revenue Earned $3,200
Less Expenses ($2,420)
Net Income / (Loss) $780
Then we calculate the Retained Earnings Balance
Retained Earnings Statement
Beginning Retained Earnings Balance $ 0
Add Profit earned during the year $780
Less Dividends ($420)
Ending Retained Earnings Balance $360
Answer:
Salary systems – also referred to as compensation plans or pay structure – are a collection of steps, policies and practices employers use to pay employees for their work. Salary systems consist of more than producing a weekly, biweekly or bimonthly paycheck.
Explanation:
Answer: Her income elasticity of demand for cottage cheese is <em><u>0.3333</u></em> making it a <em><u>normal and necessary</u></em> good.
The income elasticity of demand is given by :

The percentage change in income is given as 60%. We calculate the percentage change in quantity demanded as follows:



Substituting the value above in the income elasticity demand formula we get,

<u>YED = 0.33333</u>
Since the income elasticity is positive, and since Shawna buys more cottage cheese after an increase in income, we can classify this good as a normal good.
Since the income elasticity is between 0 and 1 we can also conclude that cottage cheese is also a essential good or a necessity.
<u>Explanation:</u>
Given
Consumption = (10 x 30) = 300
Investment = (100 x 2) = 200
Government Spending = (500 x 1) =500
13. Total GDP for this economy = Consumption + Investment+ Government spending
=(10 x 30) + (100 x 2) + (500 x 1)
=$1000
14. Consumption % on GDP
= Consumption/ Total GDP x 100
=(300/1000) x 100
= 30%
15. Investment % in GDP
= Investment / Total GDP x 100
=(200/ 1000) x 100
=20%
16. Government spending % on GDP
=Government spending/ Total GDP x 100
=(500/1000) x 100
=50%