Answer: shows the amount of real GDP that will be demanded at each possible price level.
Explanation:
The Aggregate Demand curve shows how much of real GDP is demanded at each possible price level which means that is shows the effect of the price level on real GDP.
If the price level rises, real GDP will decrease and if the price level falls, real GDP rises. This is why the aggregate demand curve is downward sloping, to reflect this inverse relationship between real GDP and price level.
Answer:
Great data entry skills. ...
Good communication. ...
Knowledge of bookkeeping principles. ...
Organising records. ...
Attention to detail. ...
Have an understanding of the bigger picture. ...
Be disciplined. ...
Have an interest in furthering your education.
Answer:
$320,000
Explanation:
if allocated overhead was $95,100 and actual overhead was $120,500, then overhead costs were under allocated by $25,400 (= $120,500 - $95,100) and that must be added to cost of goods sold in order to determine the actual gross profit.
total sales revenue = $725,700
<u>total COGS = $380,300 + $25,400 = ($405,700)</u>
gross profit = $320,000
Answer:
A surplus exists in a market if the supply happens to be excessive
Explanation:
In a situation where there is surplus, this shows that the quantity supplied is more than the quantity demanded which would allow to incur low sales hence; there would be reduction in price in order to avert such and increase the demand.
Answer:
a) Disclose in the notes
b) no Disclosure
c) Record a liability
Explanation:
There are three scenarios to be considered
1) It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimable
First, premise is that Huprey Co. is facing a lawsuit and the possibility of a loss is most possible. If Huprey Co is able to recognize the amount of loss, then he would have been able to record a liability but the inability to estimate the loss means, the company can o<u>nly make appropriate disclosure in notes</u>
2)Huprey is being used for damages of $2 million. It is very unlikely (remote) that Huprey will lose the case.
This second premise is also a lawsuit on damages for $2 million, however, it is most reasonably acceptable that Huprey will win the lawsuit. As such there is no loss, that way there will be no disclosure in Huprey Co's books.
3. Huprey can reasonably estimate that a pending lawsuit will result in damages of $1.25 million, it is probable that Huprey will lose the case.
The probability of losing a case means that there will be a loss to be recorded in the books and since the damages are already estimable to be $1.25 million. Huprey Co should record a liability
