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aleksandrvk [35]
2 years ago
10

Please select the GDP calculation method that best fits each of the given definitions. This method takes into account payments r

eceived by the various factors of production used to produce final goods and services in the economy.
Business
1 answer:
gulaghasi [49]2 years ago
5 0

Answer:

income approach

Explanation:

The income approach method for calculating the GDP adds the factor incomes to the factors of production. It uses an approach similar to general accounting procedures since the total amount of the expenditures = total income. It divides the economy into four major factors of production or sources: wages, rents, interest and profits.

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Consider the following year-end information for Spitzer Corporation: Cost of goods sold $420,000 Sales revenue 800,000 Nonoperat
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Answer:

$210,000

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6 0
3 years ago
Prepaid Insurance $ 3,600 Supplies 3,500 Equipment 18,750 Accumulated Depreciation—Equipment $ 8,400 Notes Payable 21,000 Unearn
SOVA2 [1]

Answer:

1. Depreciation expense 3600

          Accumulated depreciation 3600

2.Unearned rent  330666

                 Rental income 330666

3. Interest expense     2100

               Interest payable               2100

4.Cost of goods manufactured 2640

           Supplies                                2640

5. Insurance expense 2400

              Prepaid insurance  2400

Explanation:

depreciation for the year = 300*12=3600

2. Earned rent was 62000/3*4=330666

3.Interest expense for the year = 525*4=2100

4.opening supplies were 3500 and ending were 860 so (3500-860)=2640 were consumed and 860 will be reported to balance sheet.

5. Opening prepaid insurance was =$3600

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$1200 shall be reported to balance sheet.

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