Bob is working for a bank. he earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. every pay period he pays
1 answer:
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Answer:
Heavenly Realty Journal entries can be found in the attached file
Explanation:
Dr Bank with $25,000
Cr. Capital Stock with $25,000
(being Faith Schultz transferred cash in exchange for Capital stock)
Dr. Rental of Office & equipment with $4,510
Cr. Bank with $4,510
(Being Rental costs for Office and Equipment)
Dr. Supplies with $1,330
Cr. Accounts Payable with $1,330
(Being cost of purchased supplies)
Dr. Supplies Expense with $740
Cr. Supplies with $740
(Being cost of supplies used)
Dr Accounts Payable with $490
Cr. Bank with $490
(being payment to Creditors)
Dr. Cash with $20,500
Cr. Sales commission with $20,500
(Being Sales Commission received)
Dr. Automobile Expense with $1,250
Dr. Miscellaneous Expense with $840
Cr. Bank with $2,090
(being payment for automobile expense, rental charges & Miscellaneous expense)
Dr Office Salaries with $2,620
Cr. Bank with $2,620
(Being Payment for Office Salaries)
Dr Dividend with $1,210
Cr Bank with $1,210
(Being payment of Dividend)
Answer:
20 years (scenario A) and 16 years (scenario B)
Explanation:
The real GDP will double in "n" number of years, with "n" estimated by interpolation using the formula below.
In the solutions below, we assumed current GDP to be 1, and as a result, the GDP will double to 2.
Scenario A
When you substitute 20 for "n" in the left hand side (LHS) of the equation, you will arrive at 1.99 which is approximately equal to 2. Any number below 20 will result in a number less than 2.
Thus, with an average annual real GDP growth rate of 3.5%, real GDP will double in about 20 years.
Scenario B
When you substitute 16 for "n" in the left hand side (LHS) of the equation, you will arrive at 2.02 which is approximately equal to 2. Any number below 16 will result in a number less than 2.
Thus, with an average annual real GDP growth rate of 4.5%, real GDP will double in about 16 years.