Answer:
Novak Company Journal. $
June 1
1. Purchases Dr. 26,026
Vendor. Cr. 26,026
Narration purchase of stock
2.Vendor Dr 1078
Return outward Cr. 1078
Narration. Return on goods purchased.
3. Customer Dr 31753
Sales. Cr. 31753
Narration. Good sold to customer
Answer:
B) There has been economic growth in our society.
Explanation:
The American economy has consistently been the largest economy in the world since 1871, while the rest of the economic podium has changed a lot. Currently the Chinese economy is number 2, but just a few years ago the Japanese economy was on second place. The United Kingdom is currently a large economy, but it was number 1 before the US, and then it continued to fall to the sixth place. Argentina was once of the largest economies and richest economies in the world, and now it is a developing nation.
The only constant position (at least until China surpasses the US) during the last 150 years has been the US at number 1.
That doesn't mean that the US economy grew every year and there were no recessions. The largest global recession originated in the US in 1929, the Great Depression. And just a few years back, in 2008 the Great Recession hit the US. The US has suffered from several minor recessions as well.
The benefit would decrease by $7,020 annually would be the answer.
According to the 2022 Annual Report of the Social Security Board, the surplus of trust funds paying severance, disability, and other social security benefits will be exhausted by 2035. This is a year behind what the Board of Trustees predicted in its 2021 report.
If you are less than the full retirement age and exceed your annual income limit, your benefits may be reduced. If you haven't reached full retirement age throughout the year, you will be deducted $ 1 from your benefits for every $ 2 you earn over your annual limit. For 2022, the limit is $ 19,560.
Learn more about Social Security payroll here:brainly.com/question/1156607
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Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
1. Insurance expense for 6 months = 12,960 x 6/36
= $2,160
Prepaid insurance on December 31, 2021 = 12,960 - 2,160
= $10,800
2.Interest expense for 2 months = 220,000 x 12% x 2/12
= $4,400
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