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liraira [26]
3 years ago
10

In the year, 2005 Janice Quinn sells a five-year-old car to Used Car, Inc. for $3,000. In the same year, Used Car, Inc. resells

the car to Ima Goner for $3,500. What is the contribution of this transaction to GDP in the year 2005
Business
1 answer:
Fittoniya [83]3 years ago
5 0

Answer:

$500

Explanation:

The computation is shown below:

Data provided in the question

Sale value of five year old car to used car = $3,000

Now in the same year, the resales value to Ima Goner = $3,500

So, the contribution made in the GDP for the year 2005 is

= Resales value to Ima Goner - Sale value of five year old car to used car

= $3,500 - $3,000

= $500

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Introduction of checks into the payments system reduced the costs of exchanging goods and services. Another advantage of checks
sweet-ann [11.9K]

Answer:

they provide convenient receipts for purchases

Explanation:

Checks payment is a form of paying bills. They were created to allow people to make payments without carrying large amounts of cash hence convenient for purchases.They are also  are safer than other forms of payment as they are traceable; when a transaction occurs and payment is made by checks, banks usually make copies of each check and the owner remains with an underlying copy from the check book.  

6 0
3 years ago
Brankovich Company uses a job-order costing system and has the following data available: Beginning Direct Materials Inventory $2
natka813 [3]

Answer:

$84,000

Explanation:

Open a Raw Materials T - Account and find the Ending inventory of Direct Materials as a Balancing Figure as follows :

Raw Materials T - Account

Debit :

Beginning Inventory                                $26,000

Purchases                                               $148,000

Total                                                         $174,000

Credit:

Requisitioned in Manufacturing             $90,000

Ending Inventory<em>(Balancing figure)        </em>$84,000

Total                                                        $174,000

Therefore,  the cost of the ending inventory of Direct Materials is $84,000

4 0
2 years ago
Quiz DAFCO
dimaraw [331]

Question Completion:

Show the effects of the transactions on the accounting equation.

Answer:

DAFCO

Jan. 1:

Assets (Bank +Sh800,000) = Liabilities + Equity (Common Stock +Sh800,000)

Assets (Bank -Sh200,000 Cash +Sh200,000) = Liabilities + Equity

Jan. 2:

Assets (Bank -Sh70,000 Inventory +Sh70,000) = Liabilities + Equity

Jan 3:

Assets (Furniture +Sh25,000 Cash -Sh25,000) = Liabilities + Equity

Jan. 3:

Assets (Equipment +Sh75,000) = Liabilities (Accounts payable +Sh75,000) + Equity

Jan. 4:

Assets (Cash +Sh100,000) = Liabilities + Equity (Retained Earnings +Sh100,000)

Jan. 5:

Assets (Inventory +Sh200,000 Bank -Sh200,000) = Liabilities + Equity

Jan. 6:

Assets (Motor Van +Sh210,000 Bank -Sh210,000) = Liabilities + Equity

Jan. 10:

Assets (Bank +Sh500,000) = Liabilities (Bank Loan +Sh500,000) + Equity

Jan. 12:

Assets (Accounts Receivable +Sh75,000) = Liabilities + Equity (Retained Earnings +Sh75,000)

Jan. 16:

Assets (Bank +Sh100,000) = Liabilities + Equity (Retained Earnings +Sh100,000)

Jan. 30:

Assets (Cash -Sh10,000) = Liabilities + Equity (Common Stock -Sh10,000)

Explanation:

The accounting equation indicates that Dafco's assets are equal to its liabilities plus equity.  This equation is the basis of the double-entry system of accounting.  It is always in balance with each transaction whenever the correct postings are made into the correct accounts.

5 0
2 years ago
The following events took place at a manufacturing company for the current year:
PilotLPTM [1.2K]

Answer: $25,369.50

Explanation:

GIVEN THE FOLLOWING :

Purchased direct material = $97,000

(2) Incurred labor costs as follows: (a) direct, $58,000 and (b) indirect, $15,600.

(3) Other manufacturing overhead was $109,000, excluding indirect labor.

(4) Transferred 80% of the materials to the manufacturing assembly line.

(5) Completed 65% of the Work-in-Process during the year.

(6) Sold 85% of the completed goods.

(7) There were no beginning inventories.

Ending work in process inventory is calculated by;

(Beginning inventory + 0.8(direct material purchased) + direct Labor + (indirect labor + other manufacturing overhead)) × percentage Work in process

($0 + (0.8×97000) + 58000 + (15600+109000))×0.65

=($0 + $77,600 + $58,000 + 124600)×0.65 = $169,130

Ending WIP Inventory = (100-85)% × $169,130

0.15 × $169,130 = $25,369.50

6 0
3 years ago
Coghlan Auto Supply docs not segregate sales and sales taxes at the time of sale. The register total for March 16 is $16, 380. A
emmainna [20.7K]

Answer

Sales tax Payable = $780

Entry to record transaction is:

Dr: Cash $16,380

Cr: Sales Tax Payale $ 780

Cr: Sales $ 15,600

Explanation:

Coghlan Auto Supply sales are inclusive of tax so at first step it is necessary to segregate sales tax from the total sales of $16,380.

In order to calculate sales tax in Coghlan total sale divide the total sales figure with 1+the sales tax rate i.e (1+5%=1.05)

So the sales exclusive of  tax will be:  $ 16,380/1.05 =  $15,600

Tax can be calculated now by subtracting Net sales by gross sales i.e $16,380-$15,600 = $780.

7 0
3 years ago
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