Answer:
Please see explanations below.
Explanation:
Economic development is the improvement in the standard,well being or quality of living of a country's citizen. It is an improvement to economic growth, which is the ability of a country to produce goods and services in large quantities over a period of time.
Most developed nations do not become developed overnight. These developments are as a result of long term plan and having focused leaders. When a country puts into perspective sound macro economic policies such as investment in critical infrastructure, encourage export , investment in and promotion of selected industries, universal primary and basic secondary education, investment in agriculture etc. All these are long term planning which most prosperous nations invested in.
Having a focused leader is also important for a Nation to prosper. When a country has a leader who is focused, then he would have vision for developing his country and work towards the fulfilment.
On the other hand, most nations remain poor due to so many reasons. Financial misappropriation, which is common among poorer nations especially in Africa. People misuse public funds which are meant to to provide infrastructure, healthcare; heavy taxation,etc. There is also lack of education. Unqualified people are employed in a position meant for those who are qualified.
The role of United States have always been ; proving funding for infrastructure development, health care facilities, education, military training, etc. Such roles should be sustained in these poorer nations and improved upon subsequently.
Answer:
a. Gross Profit =$89, Ending Inventory = $640
b. Gross Profit =$83, Ending Inventory = $631
c. Gross Profit =$86, Ending Inventory = $634
Explanation:
FIFO
<u>a.Gross Profit</u>
Sales ( 1 unit × $403) $403
Less Cost of Sales ( 1 unit × $314) ($314)
Gross Profit $89
<u>b. Ending Inventory</u>
Ending Inventory = Units Left × Earliest Price
= 2 units × $320
= $640
LIFO
<u>a.Gross Profit</u>
Sales ( 1 unit × $403) $403
Less Cost of Sales ( 1 unit × $320) ($320)
Gross Profit $83
<u>b. Ending Inventory</u>
Ending Inventory : 1 unit × $314 = $314
1 unit × $317 = $317
Total = $631
Weighted Average Cost method
<u>a.Gross Profit</u>
Sales ( 1 unit × $403) $403
Less Cost of Sales ( 1 unit × $317) ($317)
Gross Profit $86
<u>b. Ending Inventory</u>
Ending Inventory = Units Left × Average Price
= 2 units × $317
= $634
I dont exactly know if this is right, but i would say "crash" if youre being asked to fill in the blank. Thats what I would put. If you continue to drive while someone is in front of you, and you don't take any action to prevent it, you would crash into them. Sorry if this wrong, there wasnt much explanation!
Answer:
Jan-02
Dr Bulldozer $ 250,000
Cr Cash $ 20,000
Cr Note Payable $ 230,000
Jan-03
Dr Bulldozer $ 20,000
Cr Accounts Payable $ 20,000
Jan-30
Dr Accounts Payable $ 20,000
Cr Cash $ 20,000
Feb-01
Dr Repair and Maintenance Expense $ 800
Cr Cash $ 800
Mar-01
Dr Computer Software $ 3,600
Cr Cash $ 3,600
Explanation:
Preparation of the journal entries for each of the above transactions.
Jan-02
Dr Bulldozer $ 250,000
Cr Cash $ 20,000
Cr Note Payable $ 230,000
(Purchased bulldozer)
Jan-03
Dr Bulldozer $ 20,000
Cr Accounts Payable $ 20,000
(Replaced tracks on bulldozer)
Jan-30
Dr Accounts Payable $ 20,000
Cr Cash $ 20,000
(Paid cash)
Feb-01
Dr Repair and Maintenance Expense $ 800
Cr Cash $ 800
(Repaired seat of bulldozer)
Mar-01
Dr Computer Software $ 3,600
Cr Cash $ 3,600
(Purchase computer software)
Answer:
The correct answer is option A.
Explanation:
The dynamic model of aggregate supply and aggregate demand shows that if an economy the total spending in the economy increases faster than total production, there will be a shortage. This shortage will cause the price level to increase and will ultimately lead to inflation.
When the increase in aggregate demand is greater than the increase in aggregate supply, it will create a shortage in the economy. The demand for goods and services will be more than the supply of goods and services. This will cause the price level to increase.
