Answer:
a)
<em>The value added at each stage</em>
Stage Value added($)
1 1000
2 (2000-1000) = 1,000
3 (6,000- 2000) = 4,000
4 (10,000 - 6,000) = 4,000
b)
The amount by GDP is increased = $10,000
c) Reduce GDP
Explanation:
Gross domestic product (GDP) which is the total market value of all the final goods and services produced in a country over a given period of time. The GDP can be calculated using the value added approach.
Here the GPD figure is ascertained by summing the amount of additional value created by each factor of production at each stage of the production process of the final product.
a)
<em>The value added at each stage</em>
Stage Value added($)
1 1000
2 (2000-1000) = 1,000
3 (6,000- 2000) = 4,000
4 (10,000 - 6,000) = 4,000
b)
The amount by GDP is increased = $10,000 which is the total value added or the market value of the final goods
c)
If the lumber were imported it would be deducted from the value of export and thus reduce GDP. Remember that GDP is the market value of all good and service produced within a given country over certain period of time .
The adjusting entry for a prepaid expense includes a debit to a expense account and a credit to an asset account.
<h3>What is
adjusting entry ?</h3>
An adjusting journal entry can be described d as the entry in a company's general ledger which is been carried out at end of an accounting period in order to have the record of any unrecognized income or expenses.
It should be noted that The adjusting entry for a prepaid expense includes a debit to a expense account and a credit to an asset account.
Find out more on adjusting entry at :
brainly.com/question/13933471
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Answer:
debit cash $250,000; credit notes payable $250,000
Explanation:
July 1, journal entries should be:
- Dr Cash account 250,000
- Cr Notes Payable account 250,000
Since cash is an asset account and it increases (the company receives money), it should be debited.
Since notes payable is a liability account and it increases, it should be credited.
Answer:
Work in process = $72,220
Factory Overhead = $1,098
Explanation:
DATA
No. Material Job No. Amount
945 Fiberglass 78 $20,240
946 Plastic 93 $9,890
947 Glue Indirect $1,098
948 Wood 99 $3,622
949 Aluminium 108 $38,468
Required: Amount of materials transferred to Work in Process and Factory Overhead?
Solution
Work in process = sum of all direct material cost
Work in process = $20,240 + $9.890 + $3,622 + $38,468 = $72,220
Factory Overhead = sum of all indirect material cost
Factory Overhead = $1,098
