If increased government spending spurs a short-run expansion. The statement that complete the gap is:<u> Shifts to the left</u>, <u>Output endresources.</u>
<h3>What is aggregate supply?</h3>
Aggregate supply can be defined as the overall amount of goods and service that a firm intend to produce and supply at a point in time or at a particular period of time.
If an increase in government spending lead to short run expansion this means that there will be shift in aggregate supply of goods and service as aggregate supply will tend to shift to the left.
Therefore the statement that complete the gap is:<u> Shifts to the left</u>, <u>Output endresources.</u>
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Answer:
Date Account Title Debit Credit
1-Jul Supplies $345
Accounts Payable $345
2-Jul Utilities expense $700
Cash $700
3-Jul Salaries expense $875
Cash $875
8-Jul Cash $4,015
Accounts Receivable $4,015
12-Jul Accounts Receivable $11,000
Revenue earned $11,000
Answer:
The three primary characteristics of perfect competition are (1) no company holds a substantial market share, (2) the industry output is standardized, and (3) there is freedom of entry and exit. The efficient market equilibrium in a perfect competition is where marginal revenue equals marginal cost.
Answer:
Net Income for the year is $41700
Explanation:
The accounting basis that is generally followed by the businesses is the accrual basis of accounting. The accrual principle states that incomes and expenses should be recorded and recognized in the period to which they relate to rather than in the period where cash is received or paid.
This means that we will record income and expenses related to this year in this year's profit calculation even when we have not received or paid cash for such incomes and expenses.
Thus, net income for this year will be calculated as,
Net Income = Total Sales Revenue - Total expenses
Net income = 113000 - 71300
Net Income = $41700
Answer:
Statement of stockholders' equity
at the end of the year (December 31)
<u>Common Stock</u> <u>Retained Earning</u> <u>Total</u>
Opening Balance $12,000 $7,100 $19,100
Income for the year $7400 $7400
Dividend Paid ($2,100) ($2,100)
Common stock issuance <u> $6,900 </u> <u> </u> <u> $6900 </u>
End of the year Balance $18,900 $12,400 $31300
