The largest and most expensive social welfare programs in
America are Social Security and Medicare. Medicare receives the funding the
most, and it is not tested program while the social security is the example of entitlement.
The Social Security Act of 1935 brought government into the equation of the
obligations of one generation to another.
Answer:
Cash shorting = 36,010 - 36,006 = $4
DR Cash $36,006
Cash Short and Over $ 4
CR Sales $36,010
There is a shortage of cash as the sales figure is more than the cash amount. The Cash Short and Over account will therefore be debited to reflect this expense.
Answer:
$454,000
Explanation:
Ending inventory is the value of the inventory in the store at the end of the year.
Goods are purchased and added to the the beginning inventory, the sale for the period is deducted from it. the residual value is the value of ending Inventory.
In This question it is assumed that there is $26,000 of beginning inventory of the goods. $470,000 of the purchases were made and at the end of the year there was $42,000 balance of inventory.
We can calculate the deduction value as follow
Ending Inventory = Beginning Inventory + Purchases - deduction
$42000 = $26,000 + $470,000 - deduction
$42000 = $496,000 - deduction
Deduction = $496,000 - $42,000 = $454,000
The government would set its targeted interest at 6.5%
Based on the Taylor's rule
R = π + A + 0.5(A-A*) + 0.5
This is the formula that helps to get the output gap
<u>Definition of terms</u>
R is the nominal federal funds rate
π is the real rate of federal funds = 2%
A is the rate of inflation
A* is the target of of inflation = 2%
Rate of unemployment = 3%
The government has a target of full employment that is at 4 percent.
When we enter the values into the formula
R = 2% + 3% + 0.5(3%-2%) + 0.5%(2%)
= 5% + 0.5% + 1%
= 6.5%
Therefore the government would set its targeted interest at 6.5%
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