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irga5000 [103]
3 years ago
12

When the consumer price index falls, the typical family has to spend fewer dollars to maintain the same standard of living. True

False
Business
1 answer:
MariettaO [177]3 years ago
7 0

Answer:

True

Explanation:

Consumer price index measures the changes in price level of a basket of goods.

If consumer price index falls if means price level has fallen , goods become cheaper and the same amount of money can buy more quantities of goods and services.

Conversely if consumer price index rises, price level has increased, goods and services become more expensive and more amount of money would be needed to maintain the same level of consumption.

CPI is calculated as cost of basket of goods in a given year / cost of basket of goods in a base year

I hope my answer helps you

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Alex just graduated from college and is now in the market for a new car. He has saved up $4,000 for a down payment. He's decidin
kvv77 [185]

Answer:

1.  Medium of exchange, 2. Unit of Account and 3. Store of value

Explanation:

Please see attachment

4 0
3 years ago
What do you prefer Aldi or Lidl? and why?​
Jlenok [28]
Aldi!!! Personal preference due to the organization.
4 0
3 years ago
In the following summary of data for a payroll period, some amounts have been intentionally omitted:
notsponge [240]

Answer:

A. Calculation of the amounts omitted in lines (1), (3), (8), and (12):

1. At regular rate

= $365,500

3. Total earnings

= $430,000

8. Union dues

= $2,250

12. Sales Salaries

= $116,100

B. Journal to record the payroll accrual:

Debit:

11. Factory Wages $227,900

12. Sales Salaries    $116,100

13. Office Salaries  $86,000

Credit Payables:

4. Social security tax         $25,800

5. Medicare tax                   $6,450

6. Income tax withheld    $109,700

7. Medical insurance         $14,800

8. Union dues                     $2,250

10. Salaries Payable        $271,000

To record the payroll accrual.

C. Journal Entry to record the payment of the payroll:

Debit Payables:

4. Social security tax         $25,800

5. Medicare tax                   $6,450

6. Income tax withheld    $109,700

7. Medical insurance         $14,800

8. Union dues                     $2,250

10. Salaries Payable        $271,000

Credit Cash Account                          $430,000

To record the payment of the payroll.

Explanation:

a) Data and Calculation of the amounts omitted in lines (1), (3), (8), and (12):

Earnings:

1. At regular rate                      $365,500

2. At overtime rate                       64,500

3. Total earnings                        430,000

Deductions:

4. Social security tax      25,800

5. Medicare tax                6,450

6. Income tax withheld 109,700

7. Medical insurance     14,800

8. Union dues                 2,250

9. Total deductions                  159,000

10. Net amount paid                271,000

Accounts debited:

11. Factory Wages 227,900

12. Sales Salaries    116,100

13. Office Salaries  86,000

1. At regular rate = 3. Total earnings - 2. At overtime rate

= $430,000 - 64,500

= $365,500

3. Total earnings = 9. Total deductions + 10. Net amount paid

= $159,000  +  271,000

= $430,000

8. Union dues = 9. Total deductions - other deductions from 4 to 7.

= $159,000 - (25,800 + 6,450 + 109,700 + 14,800)

= $2,250

12. Sales Salaries = 3. Total earnings - 11. Factory Wages - 13. Office Salaries)

= (430,000 - 227,900  -  86,000)

= $116,100

8 0
3 years ago
At the beginning of 2016, EZ Tech Company's Accounts Receivable balance was $140,000, and the balance in Allowance for Doubtful
meriva

Answer:

EZ Tech Company

Journal Entries:

Debit Cash Account $210,000

Credit Sales Revenue $210,000

To record sale of goods for cash.

Debit Accounts Receivable $840,000

Credit Sales Revenue $840,000

To record sale of goods on account.

Debit Cash Account $670,000

Credit Accounts Receivable $670,000

To record the receipt of cash on account.

Debit Uncollectible Expense $4,000

Credit Accounts Receivable $4,000

To record direct write-off of uncollectibles.

Explanation:

a) Accounts Receivable:

Beginning balance $140,000

Sales on credit         840,000

Cash receipts         -670,000

Uncollectible              -4,000

Ending balance    $306,000

b) The direct write-off of the uncollectible accounts could have also been treated through the Allowance for Doubtful Accounts by debiting the account before crediting it with the Uncollectible Expense account.  Since there is no instruction to the contrary, we have used the direct method instead, for simplicity.

3 0
3 years ago
All of the following were monetary and fiscal policy responses to the Great Recession EXCEPT? (a) Troubled Asset Relief Program
valentinak56 [21]

Answer:

C. Medicare

Explanation:

Medicare is a federal health insurance program that pays for hospital and medical care both for people in the U.S. who are older and for some people with disabilities. Medicare isn't part of the monetary or fiscal policy responses to the Great Recession

7 0
3 years ago
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