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IRISSAK [1]
3 years ago
6

Accounting for trade in goods and services Suppose the following transactions occur during the current year:

Business
1 answer:
Reil [10]3 years ago
4 0

Answer:

Accounting for trade in goods and services

Indication of the combined effects of transactions on the U.S. national accounts for the current year:

1. Dmitri orders 40 bottles of wine from a French distributor at a price of $30.00 per bottle.

Amount  (Dollars)     $1,200            

Consumption          0

Investment              0

Government Purchases   0

Imports Exports    0

Net Exports  0

Gross Domestic Product (GDP) 0

2. A U.S. company sells 200 spark plugs to a Korean company at $5.00 per spark plug.

Amount  (Dollars)  $1,000

Consumption    0

Investment     0

Government Purchases   0

Imports Exports   $1,200 Exports

Net Exports  $1,200

Gross Domestic Product (GDP)  $1,200

3. Jake, a U.S. citizen, pays $670 for a surfboard he orders from Greatwaves (a U.S. company).

Amount  (Dollars)  $670

Consumption  $670

Investment  0

Government Purchases  0

Imports Exports  0

Net Exports 0

Gross Domestic Product (GDP) $670

Explanation:

The Gross Domestic Product (GDP) is the total market value of goods and services produced within an economy for a given period.  It is calculated with this formula: GDP=C+I+G+(X−M) where, C = Consumption of goods and services, I = Investments, G = Government Spending, X = Exports and M = Imports.  It is in turn influenced by transactions that take place on a daily basis.  Some of the transactions do not really affect a country's GDP.  For example, the order of bottles of wine by Dmitri (supposedly a Greek citizen) from a French distributor into (Greece).

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kozerog [31]
The correct answer would be B. Depreciation
4 0
3 years ago
Read 2 more answers
Accounts Debits Credits
ikadub [295]

Answer:

a. Unadjusted Trial Balance

Accounts                   Debits   Credits

Cash                       $ 47,300

Accounts Receivable 10,400

Supplies                     3,400

Equipment               19,400

Accumulated Depreciation    $ 3,800

Salaries Payable                        

Common Stock                       28,000

Retained Earnings                    8,200

Dividend                     1,100

Service revenue                    54,000

Repairs and

maintenance exp $12,400

Totals                 $ 94,000 $ 94,000

b. Adjusted Trial Balance

Accounts                   Debits   Credits

Cash                        $ 47,300

Accounts Receivable 10,400

Supplies                        1,200

Equipment                  19,400

Accumulated Depreciation    $ 8,200

Salaries Payable                      20,700

Common Stock                       28,000

Retained Earnings                    8,200

Dividend                     1,100

Service revenue                    54,000

Repairs and

maintenance exp    12,400

Salaries expense    20,700

Depreciation Exp      4,400

Office supplies exp  2,200  

Totals                    $119,100 $ 119,100

3. Income Statement for the year ended December 31, 2021

Service revenue                    54,000

Repairs and

maintenance exp    12,400

Salaries expense    20,700

Depreciation Exp      4,400

Office supplies exp  2,200  39,700

Net income                         $14,300

4. Post-closing Trial Balance

Accounts                   Debits   Credits

Cash                        $ 47,300

Accounts Receivable 10,400

Supplies                        1,200

Equipment                  19,400

Accumulated Depreciation     $ 8,200

Salaries Payable                       20,700

Common Stock                        28,000

Retained Earnings                    21,400

Totals                      $78,300 $78,300

Explanation:

a) Data and Calculations:

Accounts                   Debits   Credits

Cash                       $ 17,000

Accounts Receivable 7,400

Supplies                     3,400

Equipment               12,000

Accumulated Depreciation    $ 3,800

Salaries Payable                        5,800

Common Stock                       22,000

Retained Earnings                    8,200

Totals                  $ 39,800 $ 39,800

1. March 12 Accounts receivable $20,400  Cash $33,600 Service revenue $54,000

2. May 2 Cash $17,400 Accounts receivable $17,400

3. June 30 Cash $6,000 Common stock $6,000

4. August 1 Salaries Payable $5,800 Cash $5,800

5. September 25 Repairs and maintenance expenses, $12,400 Cash $12,400

6. October 19 Equipment $7,400 Cash $7,400

7. December 30 Cash dividends $1,100 Cash $1,100

Adjusting entries:

Salaries expense $20,700 Salaries payable $20,700

Depreciation Expense $4,400 Accumulated Depreciation $4,400

Office supplies expenses $2,200 Supplies $2,200

4 0
2 years ago
as a percentage, by how much will galoshes r' us change their use of labor if wages fall by 23.4#.4% ? enter a negative percenta
Luda [366]

Galoshes increase their labor by 85.8% if there is a decrease in 37.4% in wages using elasticity of labor.

Elasticity of labor is defined as the percentage change in demand for labor to percentage change in demand for labor to percentage change in wage rate.

Elasticity of labor= % demand of labor/% change in wage rate

Let % wage decrease be x
Δ demand for labor =L
i) Galorhes R = ΔL/-Δx = -2.3
ii) Emerson R = ΔL/-ΔX= -3.2
III) Wayne= ΔL/-ΔX= 1.7
iv) Bull stearns = ΔL/-Δx= 4.6

Therefore, emerson,lake and palmer increases the amounts
Hence 2nd option
2) Galorhes R= ΔL--37.3=-2.3
                     = 37.3× 2.3
                    = 85.79%
For more information on elasticity of labor visit:
brainly.com/question/29349341
#SPJ4

8 0
1 year ago
Why is diversity important?
liberstina [14]

Answer:

Growing Acceptance, Diminishing Discrimination. Promoting diversity is the first step to not just “tolerance” but true inclusion and acceptance. ...

Becoming a Global Citizen. If you experience diversity in your everyday life, you will have regular exposure to people, cultures, traditions, and practices that are unlike your own.

Explanation:

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8 0
3 years ago
Read 2 more answers
A restaurant prepares 200.00 pizza slices and sells them at a rate of $12.00/slice. Expenses for the restaurant include raw mate
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Answer:

$1428

Explanation:

Profit = Total Revenue - total cost

total revenue = price x quantity sold

total cost = variable cost + fixed cost

total revenue = 223 x $12 = $2676

Variable cost = $5 x 223 = $1115

total fixed cost = $103.00 + $30.00 = $133.00.

Total cost = $1115 + $133 = $1248

profit =  $2676 - $1248 = $1428

3 0
3 years ago
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