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Ede4ka [16]
3 years ago
13

One day, Barry the Barber, Inc., collects $500 for haircuts. Over this day, his equipment depreciates in value by $80. Of the re

maining $420, Barry sends $50 to the government in sales taxes, takes home $250 in wages, and retains $120 in his business to add new equipment in the future. From the $250 that Barry takes home, he pays $90 in income taxes.Based on this information, complete the following table by computing Barry’s contribution to the measures of income listed.
Measure of Income Barry's contribution
Gross Domestic Product
Net National Product
National Income
Personal Income
Disposable Personal Income (Dollars)
Business
1 answer:
zheka24 [161]3 years ago
4 0

Answer:

Gross Domestic Product

= $500

<em>GDP is the final value of goods and services. The haircut is valued at $500 so is GDP. </em>

Net National Product:

= GDP - Depreciation

= 500 - 80

= $420

National Income

= $420

<em>This is the income that a resident of the country earns and $420 is what Barry earned in net income.</em>

Personal Income

= National income - Retained earnings

= 420 - 120 - 50

= $250

Disposable Personal Income (Dollars)

= Personal income - income taxes

= 250 - 90

= $160

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Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows:
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Debit Cash Account $450,000

Credit Common Stock $300,000

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Debit Dividends: Preferred Stock $20,000

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To record the declaration of a quarterly dividend of $0.50 per share on 100,000 common stock shares and $1.00 per share on 20,000 preferred stock shares.

May 26:

Debit Dividends Payable $70,000

Credit Cash Account $70,000

To record the payment of cash dividends.

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To record the repurchase of shares at $33 per share.

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Debit Dividends: Preferred Stock $20,000

Credit Dividends Payable $20,000

To record the declaration of a quarterly dividend of $1.00 per share on 20,000 preferred stock shares.

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Debit Dividends Payable $20,000

Credit Cash Account $20,000

To record the payment of cash dividends.

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Debit Cash Account $98,800

Credit Treasury Common Stock $52,000

Credit Additional Paid-in Capital: Common Stock $46,800

To record the reissue of 2,600 shares of treasury common stock at $38.

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Credit Cash Account $12,500

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