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pashok25 [27]
3 years ago
6

Consumption consists of spending by households on goods and services, with the exception of a. purchases of intangible services.

b. purchases of durable goods. c. purchases of new houses. d. spending on education.
Business
1 answer:
Leona [35]3 years ago
4 0

Answer:

C.

Explanation:

Different schools of economists define consumption differently.

-The process in which goods or services are used to satisfy economics leads.

-Consumption is known as direct or final consumption, when the goods satisfy human wants directly and immediately. The goods have reach their final destination.

-Consumption is also the value of all goods and services bought by households. Includes:

*durable goods. last a long time, e.g. cars, home appliances.

*nondurable goods. last a shot time, e.g. food, clothing.

*services. work done for consumers, e.g. dry cleaning, air travel, legal.

*also, rent is a payment for housing services.

But for GDP, when you bought a house, is considered investment.

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Answer:

Explanation:

We have two journal entries to be able record the repurchase and retirement of the shares

First journal to record the share repurchased

Dr Treasury stock 8,910

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While the second journal is to record the retirement of share repurchased:

Dr Common stock 1,100

Dr Paid-in capital common stock 2,310

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To record the share repurchased:

The Treasury stock account is debited with the amount that is equals to cash paid for stock that is been repurchased, therefore, offsetting entry is credit Cash account = Number of share repurchased multiply Price purchase

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Also, to record the retirement of share repurchased:

The common stock account is been debited at the amount = Par value multiply by Share retired

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= $1,100

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The retained earning is been debited by the amount is calculated as follows,;

Number of share retired multiply by ( Price at retired - Par value - Excess of par value) = 1,100 * ( 8.1 -1-2.1) = $5,500

Treasury account is debited $8,910 to bring the balance of this account to zero as stocks repurchased are fully retired.

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