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3 years ago

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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Nostrana [21]

Answer:

b. An oral statement such as this is not enforceable because it is outside the Statute of Frauds.

Explanation:

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The contracts that must adhere to the statutes of fraud are Collateral contracts in which a person promises to answer for the debt or duty of another, or guaranty contracts are required to be written. Prenuptial agreements and promises made in consideration of marriage must adhere to the statute of frauds.

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3 years ago

Jacob is a senior manager at Aries LLC. He has been earning significant bonuses in addition to his salary. He often misrepresent

Mila [183]

The name of the concept which is illustrated in this scenario about Jacob seeking deals that would benefit his own interests more than the company he is representing is known as:

B. Self dealing

According to the given question, we are asked to state the name of the concept which is illustrated in this scenario about Jacob seeking deals that would benefit his own interests more than the company he is representing.

As a result of this, we can see that Jacob is self dealing because he is acting in his own interests in order to get significant bonuses in addition to his salary.

Therefore, the correct answer is option B

Read more about self dealing here:

brainly.com/question/7212688

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3 years ago

An investor recently purchased a corporate bond that yields 9%. The investor is in the 36% combined federal and state tax bracke

kifflom [539]

Answer:

The bonds after tax yield is given as Pre tax yield X (1-tax rate)

After Tax Yield = 9% X (1-0.36) = 9%X0.64=5.76%

Answer: 5.76%

Explanation:

The after-tax yield of any financial instrument such as a bond or even stock dividends is the effective yield after the applicable taxes have been paid. Higher the tax rate, lesser is the after-tax yield for the investor.

To calculate your after-tax yield, you need to know both the rate of return on your investment and the tax rate that applies to those profits. First, convert your tax rate that applies to the earnings to a decimal by dividing by 100. Second, subtract the result from 1 to calculate the portion of your earnings that you get to keep after you pay taxes on them. Third, multiply the result by the rate of return on the investment to calculate your after-tax yield.

For example, say that you want to calculate the after-tax rate of return on your certificate of deposit. If your rate of return is 3 percent and the tax rate applied to that interest is 24 percent, start by dividing 24 percent by 100 to get 0.24. Second, subtract 0.24 from 1 to get 0.76 – the portion that you get to keep after accounting for taxes. Finally, multiply 0.76 by your overall rate of return of 3 percent to find your after-tax yield is 2.28 percent.

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4 years ago

Read 2 more answers

Wildhorse Co. uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows:

OLEGan [10]

Answer:

Ending inventory= $1514

Explanation:

Giving the following information:

Beginning inventory: 320u*$5.00= $1600

Purchase, (1/15/2017)= 160u*5.70= $912

Purchase, (1/28/2017)= 160u*5.90= $944

Ending inventory= 260u

The company uses FIFO (first in, first out).

What is the value of ending inventory?

Ending inventory= 160u*5.90 + 100u*5.70= $1514

6 0

3 years ago

Financial Statements of ABC Corp. indicates that ending inventory levels in 2005 and 2006 were $200,000 and $350,000 respectivel

ad-work [718]

Answer:

Cost of goods purchased= $2,350,000

Explanation:

Giving the following information:

Beginning inventory 2006= ending inventory 2005= $200,000

Ending inventory 2006= $350,000

COGS 2006= $2,200,000

To calculate the purchases for 2006, we need to use the following formula:

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

2,200,000 = 200,000 + cost of goods purchased - 350,000

2,200,000 - 200,000 + 350,000 = cost of goods purchased

cost of goods purchased= $2,350,000

3 0

3 years ago