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ZanzabumX [31]
3 years ago
15

The balance in the office supplies account on January 1 was $7,000, supplies purchased during January were $3,000, and the suppl

ies on hand on January 31 were $2,000. The amount to be used for the appropriate adjusting entry is _________.
Business
1 answer:
Alecsey [184]3 years ago
7 0

Answer:

$8000

Explanation:

Office supplies  beginning     jan-1  $7000

                           purchase               $3000

                           consumed                  x

                            ending        jan-31 2000        

                             

Ending=beginning + purchase - consumed

           =8000

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During a presidential campaign, the incumbent argues that he should be reelected because nominal GDP grew by 12 percent during h
bearhunter [10]

Answer:

Grew by 2%

Explanation:

Given: nominal GDP =12% positive value cause it grew by 12% during these years.

              Population grew by 4%

              GDP deflator = 6% positive value cause it also grew by 6%

Question says we must find real GDP per person for the 4 year term that the president has served for so we will use the formula to calculate GDP Deflator to actually solve for Real GDP as we know the formula is GDP Deflator= (nominal GDP per person%)/(Real GDP per person%)x100

So we already have the nominal GDP and the GDP deflator therefore we substitute to the above formula:

6% = (12%)/ (Real GDP per person percentage) x100, and now we solve for Real GDP per person%

Therefore we multiply both sides with Real GDP percentage and get:

Real GDP per person %( 6%) = 12% and then we divide both sides with 6%,

Therefore Real GDP is 2% so we also see that real GDP has actual grown by 2% because the GDP deflator grew instead of decreasing where nominal GDP is also positive so if we have a fraction where an answer is positive we know both fraction values must be positive pus if the GDP deflator increases both nominal and Real GDP increase and that’s the relationship they have.

4 0
2 years ago
Suppose you have two credit cards. The first has a balance of $415 and a credit limit of $1,000. The second has a balance of $21
gayaneshka [121]

In overall utilization ratio it takes all the credit limits and all the credit cards. For example, all the credit limits are $1000 + $750 = $1750. and the cards is $415 + $215 = $630.

To calculate for the credit utilization ratio we divide by the total credit limits on all cards then we multiply by 100. For example,

The first and second credit cards is $415 + $215 = $630.

The first and second limits is $1000 + $750 = $1750.

To get the percentage of the overall utilization ratio we get,

$630 / $ 1750 × 100 = 36%.

7 0
3 years ago
Read 2 more answers
Sally is in the business of purchasing accounts receivable. Last year Sally purchased an account receivable with a face value of
Simora [160]

Answer:

Shally will not having any amount of bad debt deduction for the present year.

Explanation:

In the present year, Shally will not having any amount of bad debt deduction because she has a gain or income of $5,000. As, last year she has account receivable of $60,000 but this year she settled the account by receiving the $65,000 amount. So, she has received more amount than the basis in the receivable. Therefore, she will not have any bad debt deduction this year.

8 0
3 years ago
Ming Company had net income of $772,200 based on variable costing. Beginning and ending inventories were 7,800 units and 5,200 u
Otrada [13]

Answer:

$764,400

Explanation:

Given that,

Net income under variable costing = $772,200

Beginning inventories = 7,800 units

Ending inventories = 5,200 units

Fixed overhead per unit = $3

Net income under absorption costing:

= Net income under variable costing - [(Beginning inventories - Ending inventories) × Fixed overhead per unit]

= $772,200 - [(7,800 - 5,200) × $3]

= $772,200 - $7,800

= $764,400

7 0
3 years ago
The term ""umbrella insurance"" means a policy that provides coverage when a lawsuit is brought over injuries or damage the insu
shepuryov [24]

Answer:

The correct answer is Travelers Company.

Explanation:

An Umbrella Insurance Policy is a type of coverage that goes beyond traditional insurance for homes, cars and boats. To understand what an Umbrella Insurance Policy is, it is worth analyzing your coverage. This kind of policy protects against vandalism, slander, defamation and invasion of privacy, as well as claims for damages caused to other people or property in accidents. An Umbrella Insurance Policy is very useful when, for example, a person causes a car accident and their original policy does not cover all the medical expenses of those affected. This kind of policy is suitable for individuals with many assets or high-value assets that are highly likely to suffer lawsuits.

7 0
3 years ago
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