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IRINA_888 [86]
3 years ago
8

What are the four components used to calculate Gross Domestic Product

Business
1 answer:
sesenic [268]3 years ago
3 0
<span>Personal consumption expenditures.Investment.Net exports.Government expenditure.</span>
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Following are account balances (in millions of dollars) from a recent FedEx annual report, followed by several typical transacti
Paraphin [41]

Answer:

FedEx

1&2: T-accounts:

Cash

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         2,328

a. Delivery Service Revenue      17,600

c. Prepaid Expenses                                       3,728

c. Rent Expenses                                           10,136

d. Repairs Expenses                                       3,864

e. Accounts Receivable            24,285

f. Long-term Note Payable                               350

g. Common stock                              2

g. APIC                                              14

h. Salaries                                                     15,276

i. Fuel Expenses                                            8,564

j. Accounts Payable                                          784

Balance                                                          1,527

Prepaid expenses

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         329

c. Cash                                       3,728

Balance                                                         4,057

Spare parts, supplies, and fuel

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         437

Accounts Receivables

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         4,581

a. Delivery Service Revenue     21,704

e. Cash                                                        24,285

Balance                                                         2,000

Other current assets

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         610

Property and equipment (net)

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         15,543

b. Long-term Note Payable           3,434

Balance                                                       18,977

Other noncurrent assets

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         3,557

Accounts payable

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          1,702

j. Cash                                             784

Balance                                           918

Accrued expenses payable

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          1,894

Other current liabilities

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          1,286

Long-term notes payable

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          1,667

b. Property and Equipment                          3,434

f. Cash                                            350

Balance                                        4,751

Other noncurrent liabilities

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          5,616

Common stock ($0.10 par value)

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          32

g. Cash                                                             2

Balance                                           34

Additional Paid-in Capital

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          2,472

g. Cash                                                                14    

Balance                                           2,486

Retained earnings

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          12,716

Delivery Service Revenue

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

a. Accounts receivable                                 21,704              

a. Cash                                                          17,600

Balance                                     39,304

Rent Expense

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

c. Cash                                       10,136

Repairs Expense

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

d. Cash                                        3,864

Salaries Expense

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

h. Cash                                      15,276

Fuel Expense

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

i. Cash                                        8,564

                                               

3. Income Statement for the year ended May 31, 2015:

Delivery Service Revenue                         39,304

Rent Expense                            10,136

Repair Expense                         3,864

Salaries Expense                     15,276

Fuel Expense                            8,564       37,840

Net Income                                                   1,464

Explanation:

a) Account Balances on May 31, 2014:

Trial Balance as of May 31, 2014:

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Cash                                               2,328

Prepaid expenses                            329

Spare parts, supplies, and fuel       437

Receivables                                   4,581

Other current assets                       610

Property and equipment (net)   15,543

Other noncurrent assets            3,557

Accounts payable                                          1,702

Accrued expenses payable                          1,894

Other current liabilities                                 1,286

Long-term notes payable                             1,667

Other noncurrent liabilities                          5,616

Common stock ($0.10 par value)                     32

Additional Paid-in Capital                            2,472

Retained earnings                                       12,716

Totals                                       $27,385  $27,385      

Other transactions for year ending May 31, 2015:

a. Delivery Service Revenue $21,704 Account Receivable $21,704

   Delivery Service Revenue $17,600 Cash $17,600

b. Equipment $3,434 Long-term Note Payable $3,434

c. Rent Expense $10,136; Prepaid (Rent) Expense $3,720 Cash $13,864

d. Repair Expenses $3,864 Cash $3,864

e. Cash $24,285 Accounts Receivable $24,285

f. Long-term Note Payable $350 Cash $350

g. Cash $16 Common Stock $2 APIC $14

h. Salaries Expense $15,276 Cash $15,276

i. Fuelling Expense $8,564 Cash $8,564

j. Accounts Payable $784  Cash $784

k. N/A

Trial Balance as of May 31, 2015:

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Cash                                                1,527

Prepaid expenses                         4,057

Spare parts, supplies, and fuel       437

Receivables                                  2,000

Other current assets                       610

Property and equipment (net)   18,977

Other noncurrent assets            3,557

Accounts payable                                            918

Accrued expenses payable                          1,894

Other current liabilities                                 1,286

Long-term notes payable                             4,751

Other noncurrent liabilities                          5,616

Common stock ($0.10 par value)                     34

Additional Paid-in Capital                            2,486

Retained earnings                                       12,716

Delivery Service Revenue                         39,304

Rent Expense                            10,136

Repair Expense                         3,864

Salaries Expense                     15,276

Fuel Expense                            8,564

Totals                                    $69,005   $69,005

3 0
2 years ago
Malcolm has several receipts from recent transactions that
Ipatiy [6.2K]

Answer:

$704.50

Explanation:

You add the 2 deposits together then you subtract the receipt into the answer of the 2 deposits and there you go.

4 0
2 years ago
Read 2 more answers
Crane Corporation acquires a coal mine at a cost of $404,000. Intangible development costs total $101,000. After extraction has
Svet_ta [14]

Answer:

The journal entry to record depletion is  :

Debit : Depletion Expense $74,235

Credit : Accumulated Depletion $74,235

Explanation:

<em>Depletion Expense = Depletion rate × units extracted during the year</em>

where,

<em>Depletion rate = (Cost - Salvage Value) ÷ Estimated total units</em>

Therefore,

Depletion rate = ($404,000 + $101,000 + $80,800 - $161,600) ÷ 4,040 tons

                        = $ 105 per ton

Therefore,

Depletion Expense = $ 105 per ton × 707 tons

                                = $74,235

<u>Journal Entry :</u>

Debit : Depletion Expense $74,235

Credit : Accumulated Depletion $74,235

8 0
2 years ago
Hot Shot Delivery Inc. provides the following year end data:
saw5 [17]

Answer:

27.3%

Explanation:

rate of retun on assets:

\frac{Income}{Assets} = $Assets rate of return

​where:

Net income:              112,000

2018 Assets:           410,000

\frac{112,000}{410,000} = $Assets rate of return

$Assets rate of return 0.2731707317073171‬ = 27.32%

During 2018 each dollar of assets generate 27.32 cents of income.

3 0
2 years ago
What would happen if currency in all countries had fewer denominators?
uranmaximum [27]
Your answer should be C :)

good luck
8 0
3 years ago
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