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Iteru [2.4K]
3 years ago
15

Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year and that real GDP per capita

of China is $4,000, and its annual growth rate is 7%. How many years will it take for China's real GDP per capita to be larger than real GDP per capita in the United States
Business
1 answer:
Pie3 years ago
8 0

<u>Given:</u>

Real GDP of US = 32000

Growth rate of US = 2%

Real GDP of China = 4000

Growth rate of China = 7%

<u>To find:</u>

Number of years taken for China's real GDP per capita to be larger than real GDP per capita in the United States.

<u>Solution:</u>

The formula to calculate the years is,

GDP_{US}\times[1+growth_{US}]^n

On plugging-in the values,

\Rightarrow32000\times(1+0.02)^n

On solving the values we get,

\Rightarrow8

Therefore, we can clearly identify that number of years is greater than 40 and less than 45.

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Increasing product supply leads to an outward shift the supply curve. TRUE OR FALSE?
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Which food was received in the temperature danger zone
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Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $121,000; All
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Answer:

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Allowance for Uncollectible Accounts   $ 26,300

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Allowance for Uncollectible Accounts   $ 2,100 - Debit

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Allowance for Uncollectible Accounts   $ 26,300

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Allowance for Uncollectible Accounts   $ 24,200 - Credit

Accounts Uncollectible are those credit that the company give and there are not chances of been collected.

When the customers buy products on credits but then the company can't collect the debt, then it's necessary to write off the unpaid bill as uncollectible

One way it's to write-off directly the bad debts at the moment decided that the credit are uncollectible, the total amount it's reported as bad debt expenses which affect negativly the income statement and the accounts receivable are reduce in the same amount, less assets.

The other way it's to determine a percentage of total amount of accounts receivables as uncollectible, exist many ways to analize the accounts receivable and figure the value of uncollectible.

When the company have the percentage of uncollectible accounts the journal entry required is Bad Expenses (debit) with Allowance for Uncollectible Accounts (credit)

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