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blsea [12.9K]
3 years ago
9

When recording transactions in two or more accounts and the totals of the debits and credits are equal, it’s called A. debiting.

B. crediting. C. posting. D. double-entry bookkeeping.
Business
1 answer:
zepelin [54]3 years ago
4 0
D. double entry bookkeeping
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The money demand function for an economy is given by (M/P)d = (0.6Y)/(i1/2). If output is 1,000 units, the nominal interest rate
DIA [1.3K]

Answer:

$0.6

Explanation:

Nominal interest rate (i) = 9% = 0.09

Output (Y) = 1,000

Money supply(M) = 1,200

==> (M/P)^d = (0.6Y) / i^(1/2)

==> 1200/P = 0.6*1000 / 0.09^(1/2)

==> 1200/P = 600 / 0.3

==> 1200/P = 2000

==> 1200 = 2000 * P

==> P = 1200/2000

==> P = $0.6

Therefore, the price level is $0.6

6 0
2 years ago
During January, Luxury Cruise Lines incurs employee salaries of $1.2 million. Withholdings in January are $91,800 for the employ
Zarrin [17]

Answer: Please see below for answer

Explanation:

Journal for employee salary and withholdings

Particulars                           Debit                  Credit

Salaries Expense               $1, 200,000

FICA tax Payable                                              $91,800

Federal Income Tax Withholding Payable      $180,000

State Income Tax Withholding Payable           $75,000

Health Insurance Payable                                  $12,000

Salaries Payable                                               $841,200

Journal to record employer provided fringe benefits for January

Particulars                                  Debit                                  Credit

Salaries expense(fringe benefits)$ 36,000

Accounts payable to blue cross shield                           $36,000

Journal to record employer payroll taxes

Particulars                           Debit                     Credit

Payroll Tax Expense              $166, 200

FICA tax Payable                                                       $91,800

unemployment tax payable                                        $74,400

6 0
3 years ago
Bob makes his first $ 800 deposit into an IRA earning 7.4 % compounded annually on his 24th birthday and his last $ 800 deposit
Likurg_2 [28]

Answer:The answer is $17,387.67

Explanation:

Let Principal = P, Rate = R% per annum, Time = n years

Amount = P ( 1 + R/100)∧n

P = $800, R = 7.4%, n = 24

A = 800 ( 1 + 7.4/100)∧24

A = 800 ( 1 + 0.074)∧24

A = 800 ( 1 .074)∧24

A = 800 (5.547569512)

A = 800× 5.5475569512

A = $4,438.05

Deposit made at 39th birthday

P = $800, R = 7.4%, n = 39

A = 800 ( 1 + 7.4/100)∧39

A = 800 (1 + 0.074)∧39

A = 800 (1.074)∧39

A = 800 (16.187022604)

A = 800× 16.187022604

A = $12,949.62

How much is in the IRA when Bob retires will be

$4,438.05 + 12,949.62

= $17,387.67

6 0
3 years ago
"helen is a u.s. citizen and cpa, who moved to london, england three years ago to work for a british company. this year, she spe
balu736 [363]

<u>Answer:</u>

<em>Exclusion upto  $103,900. Taxable amount is $6100.</em>

<u>Explanation:</u>

<em>US natives</em>, just as changeless occupants, are required to document ostracize expense forms with the government consistently paying little mind to where they dwell.

Alongside the <em>common assessment</em> form for money, numerous individuals are likewise required to present an arrival revealing resources which are held in ledgers in remote nations. Notwithstanding where you live, you should record <em>expat imposes in the US.</em>

3 0
3 years ago
8. Problems and Applications Q8 Social Security benefits are increased each year in proportion to the increase in the CPI, even
oksano4ka [1.4K]

Answer:

  1. False
  2. True

Explanation:

1. Social security benefits are increased each year in proportion to an increase in CPI which measures inflation. This CPI is based on a market basket that most people use. If the social security benefits that the elderly get rises as the price of the basket rises then Social Security would not provide a decrease in their standard of living but would rather leave it unchanged so this answer is <u>FALSE.</u>

2. If Healthcare is said to be rising faster than inflation and elderly people consume more health care then that means that Social security benefits which are based on a inflation are not capturing the rise in living expenses for the elderly appropriately. This means that old people might be worse off. This is therefore <u>TRUE. </u>

6 0
3 years ago
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