________ refers to how quickly information is reflected in the available prices for trading. Market efficiency Mechanical effici
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Answer and Explanation:
Gross domestic product is calculated:
Gross Domestic Product(GDP) = Gross National Product (GNP) - Receipts of factor income from rest of the world + Payments of factor income to the rest of the world
So to find GDP, we calculate GNP
GNP = NNP+Depreciation
To calculate GNP, we calculate NNP:
Net national product (NNP) =national income, so we have,
NNP = $2,445 billion
GNP = NNP + Depreciation = $2,445+$75
GNP = $2,520 billion
So we substitute in GDP formula to calculate GDP
GDP = 2,520 - 70 + 50 = $2500 billion
GDP = $2,500 billion
Government consumption and gross investment= Government transfer payments + Non-residential investments
Government consumption and gross investment is given by G
G = 200+250 = $450 billion
G = $450 billion
Answer:
A) Adjusting entries:
Dr Sales salaries expense 2,400
Cr Sales salaries payable 2,400
Dr Selling expenses 2,100
Cr Prepaid selling expenses 2,100
Dr Cost of goods sold 3,700
Dr Merchandise inventory 3,700
B) prepare the closing entries
Dr Sales revenue 550,900 (net = $557,000 - $19,900 - $6,200)
Cr Income summary 550,900
Dr Income summary 484,200
Cr Cost of goods sold 239,700 (net = $236,000 + $3,700)
Cr Sales salaries expense 62,400 (net = $60,000 + $2,400)
Cr Selling expense 44,100 (net = $42,000 + $2,100)
Cr Utilities expense 21,000
Cr Administrative expense 117,000
Dr Income summary 66,700 (= $550,900 - $484,200)
Cr Retained earnings 66,700
Dr Retained earnings 45,000
Cr Dividends 45,000
