Answer:
$200 to (GDP)
Explanation:
GDP stands for Gross Domestic Product and it is the total measure of a country's total economic activity. It is monetary of all the goods and services produced within the country for particular period of time.
Therefore, the transactions between the steel company and bicycle company as contributed $200 because GDP is calculated by adding private investment, private consumption, Government investment, government, government spending and the likes together.
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Answer: The Indians migrated over 30,000 years ago.
Answer: $246,000
Explanation:
Merchandise costing $20,000 had been omitted from the Ending Inventory.
Ending inventory is deducted from Cost of Goods sold which means that the Cost of Goods sold was overstated by $20,000.
Cost of Goods sold are subtracted from sales to find Gross Income so if it was overstated then Income was understated by $20,000.
Accrued Revenue is to be added to Income so if it was omitted then income was understated by $50,000.
Income in total was therefore understated by = 20,000 + 50,000
= $70,000
The correcting entry is net of tax so;
= 70,000 * ( 1 - 20%)
= $56,000
Retained earnings will therefore be;
= 190,000 + 56,000
= $246,000
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