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____ [38]
3 years ago
7

The total value of commodity A produced in Country X increased from​ $500,000 in 2011 to​ $700,000 in 2012. According to​ Laura,

a student of​ economics, the share of commodity A in real GDP of 2012 should be higher than that of 2011.
Which of the​ following, if​ true, would strengthen​ Laura's argument?

A.

Only a fraction of commodity A produced in 2012 was consumed in the same year.

B.

The total amount of inputs used in the production of commodity A was higher in 2011 than in 2012.

C.

The scale of production in 2012 was smaller than in 2011.

D.

The average price level in the economy remained stable over the two years.

E.

The quantity of commodity A produced in 2011 was higher than in 2012.
Business
1 answer:
guajiro [1.7K]3 years ago
4 0

Answer:

D. The average price level in the economy remained stable over the two years.

Explanation:

Real GDP is a GDP measured using the price of a certain base year as opposed to GDP measured at current prices known as nominal GDP. GDP at current prices may be affected by inflation or deflation and must be deflated if the economy is experiencing inflation. The value of $700,000 for commodity A in 2012 is supposed to deflated to remove the effect of inflation and the value will come back to 2011 value of $500,000 , but if the price level is fairly stable the GDP deflator can not bring it back to $500,00, but some higher value.

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Bad Debt Expense info:Allowance for Doubtful Accounts has a credit balance of $1,000. Credit sales are $500,000. Cash sales are
kow [346]

Answer:

Bad Debt Expense $24,000 Dr

Allowance for Doubtful Accounts $24,000 Cr

Explanation:

Data:

BB = Beginning Balance = $1,000

CS = Credit Sales = $500,000

CH = Cash Sales = $500,000

SM = Percentage Sales Method = 5% = 0.05

U = Uncollectible = $25,000

AR = Accounts Receivable = $200,000

ADA = Allowance for Doubtful Accounts = ?

Calculations:

ADA = U - BB = $25,000 - $1,000 = $24,000

Net Realizable Cash Value = AR - ADA = $200,000 - $24,000 = $176,000

Balance in the Allowance Account after the adjusting entry = BB + ADA = $1,000 + $24,000 = $25,000

Journal entry:

Bad Debt Expense $24,000 Dr

Allowance for Doubtful Accounts $24,000 Cr

Hope this helps!

8 0
4 years ago
Landon is a senior manager for the firm Anderssen Inc. Because of his experience, he has been appointed to the board of EEC Inc.
Lapatulllka [165]

Answer:

Executive Director, Non Executive Director

Explanation:

Landon is a senior manager for the firm Anderssen Inc. Because of his experience, he has been appointed to the board of EEC Inc., even though he doesn't work for this firm. He also serves on the boards of several other companies. Landon is an Executive Director for Anderssen and a Non Executive Director for EEC.

An executive director has operational responsibilities in a firm but a non executive director does not have operational responsibilities in a firm but is involved in planning and policy formation which are strategic activities.

Operational refers to the daily running of a business.

8 0
3 years ago
Read 2 more answers
Ifre chapter 1, conceptual multiple
geniusboy [140]

Answer:

Explanation:

When the future revenue producing ability of the inventory is above its original cost the

companies should reports their inventory value with LCNV method.

5 0
3 years ago
At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $673,000. Chan records it
Rudiy27

Answer:

bad debt expense   2,019 debit

       allowance for uncollectible amount  2,019 credit

--to record estimated bad debt expense--

allowance for uncollectible amount 337 debit

                    accounts receivables               337 credit

--to record write-off of P.Park  Account--

accounts receivables               337 debit

       allowance for uncollectible amount 337 credit

--to reverse write-off of P-Park account--

cash                                         337 debit

       accounts receivables               337 credit

--to record collection of P-Park account--

Explanation:

<em>bad debt expense</em> 673,000 x 0.30% = <em>2,019‬</em>

<em />

The write off decreases both, the allowance and accounts receivables

As Park pay up his old debt, the entry is reversed. Then we record the collection as normal.

6 0
3 years ago
How important do you think focus groups are to the eventual success of a new product?
olga2289 [7]

Answer:

Yes

Explanation:

Focus groups help businesses learn what their customers think, enabling strategic decision-making focused on their target market's true wants and needs

5 0
3 years ago
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