Answer:
The the adjusting entry for accruing interest is:
Debit Interest expense $1,750
Credit Interest Payable $1,750
Explanation:
On December 1, Milton Company borrowed $350,000, at 6% annual interest.
The interest amount Milton Company paid for 1 year = $350,000 x 6% = $21,000
The interest amount Milton Company paid for a month = $21,000/12 = $1,750
On December 31, following 1 month borrowing, Milton made adjusting entry for accruing interest:
Debit Interest expense $1,750
Credit Interest Payable $1,750
The depositors funds that are greater than the required reserve are called excess reserves and may be loaned.
Answer:
The correct answer is (a)
Explanation:
Market economy is a system where demand and supply determines the production of goods and service. Complete supply and demand is analysed to determine production and prices. In the above scenario, James is following market economy form of production system. This is the best way to examine the production system because market economy is an effective tool to use the available resources.
Answer:
1. High rate of tax payment
2. Stricter Government Policies
3. High rates in crimes, kidnappings and killings
Explanation:
It is evident from statistics that the rate of incarceration in the United States is more than half of most countries in the World. It means that out 716 people out of 100000 people in the world are incarcerated in the United states.This is true due to the following reasons
1. The Economic situation in the states is a bit stricter than anywhere in the world. High taxes on Sole business owners, about 42%. Defaulters are made to face the wrought of the law.
2.
The U.S. criminal justice system has been politicized and more responsive to popular opinion, experts said. The United States also functions as 51 separate countries, because so many of the criminal justice decisions are made at the local and state levels. Legal officers like(Justice, sheriffs, prosecutors, legislators voting on crime laws, have supported the "get tough" policies that makes punishment stricter for offenders.
3. High rates in crime and killings. Crime rates and killings has been on the increase in recent times due to several economic and social factors. children for broken homes are not well brought up to instll moral values that could make them responsible and add value to the society hence they are more prone to social vices
One of the features of the new approach is that, now BEA uses the geometric average of fixed weight indexes and uses two base years to calculate the growth rate of real GDP between two consecutive years.
Explanation:
In both actual and nominal GDP, the U.S. Economic Analysis Department results. It estimates the real United States. GDP is a fixed base year annual rate. Imports and international sales from American businesses and people are exempt.
GDP reflects the degree to which the economy generates production. Global warming is not generated and not part of GDP. The effect of environmental damage is not measured accurately. The loss should not be included in GDP and the calculation of environmental damage has not been accepted.
