Answer:
Accounting for trade in goods and services
Indication of the combined effects of transactions on the U.S. national accounts for the current year:
1. Dmitri orders 40 bottles of wine from a French distributor at a price of $30.00 per bottle.
Amount (Dollars) $1,200
Consumption 0
Investment 0
Government Purchases 0
Imports Exports 0
Net Exports 0
Gross Domestic Product (GDP) 0
2. A U.S. company sells 200 spark plugs to a Korean company at $5.00 per spark plug.
Amount (Dollars) $1,000
Consumption 0
Investment 0
Government Purchases 0
Imports Exports $1,200 Exports
Net Exports $1,200
Gross Domestic Product (GDP) $1,200
3. Jake, a U.S. citizen, pays $670 for a surfboard he orders from Greatwaves (a U.S. company).
Amount (Dollars) $670
Consumption $670
Investment 0
Government Purchases 0
Imports Exports 0
Net Exports 0
Gross Domestic Product (GDP) $670
Explanation:
The Gross Domestic Product (GDP) is the total market value of goods and services produced within an economy for a given period. It is calculated with this formula: GDP=C+I+G+(X−M) where, C = Consumption of goods and services, I = Investments, G = Government Spending, X = Exports and M = Imports. It is in turn influenced by transactions that take place on a daily basis. Some of the transactions do not really affect a country's GDP. For example, the order of bottles of wine by Dmitri (supposedly a Greek citizen) from a French distributor into (Greece).
Current ad valorem property taxes owed by the seller that have NOT yet been billed at the time of closing are an example of (D) accrued items.
- The portion of the budgeted expenses of a taxing body that must be funded by real property taxes.
- Taxing entities occasionally use an equalization technique as part of the assessment process to reduce significant differences in assessed values within a district.
- The taxation authorities in Texas will only accept payment from one entity when it comes time to pay the property taxes at the end of the fiscal year.
- The property taxes will therefore be prorated at closing when you sell or buy a home so that each party pays their fair share of the year's taxes.
How does property tax work in Texas?
- Texas levies property taxes as a percentage of each home's appraised value.
- So, for example, if your total tax rate is 1.5%, and your home value is $100,000, you will owe $1,500 in annual property taxes.
Learn more about ad valorem property taxes brainly.com/question/13226646
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Answer: $1554228
Explanation:
Calculation of the lease liability that Crane should report in its December 31, 2021 balance sheet goes thus:
Annual Lease payment= $410,000
The present value of an annuity due of 1 for 6 years at 10% = 4.7908
We multiply the lease rentals by the present value of an annuity due of 1 for 6 years at 10%. This will be:
= $410,000 × 4.7908
= $1964228
We then subtract the first lease payment of $410,000 from the value gotten above. This will be:
= $1,964,228 - $410,000
= $1,554,228.
