Below are some data from the land of milk and honey
| year | price of milk | quantity of milk | price of honey | quantity of honey |
| 2016 | $1 | 100 quarts | $2 | 50 quarts |
| 2017 | 1 | 200 | 2 | 100 |
| 2018 | 2 | 200 | 4 | 100 |
a. compute nominal GDP, real GDP, and the GDP deflator for each year, using 2016 as the base year
b. compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2017 and 2018 from the preceding year. For each year, identify the variable that does not change. Explain why your answer makes sense.
c. Did economic well-being increase more in 2017 or 2018, explain
In: Economics
Required information Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17, 2018. The units have a list price of $720 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. rev: 10_05_2017_QC_CS-103518 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2018, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2018, assuming that the gross method of accounting for cash discounts is used.
In: Accounting
Required information Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17, 2018. The units have a list price of $720 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. rev: 10_05_2017_QC_CS-103518 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2018, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2018, assuming that the net method of accounting for cash discounts is used.
In: Accounting
Use the macroeconomic data in the table below for the US economy for 2017 and 2018 to answer the questions followed.
|
Year |
NGDP in ‘000” |
RGDP |
RGDP Growth Rate % |
GDPD |
Inflation Rate % |
u-Rate % |
CPI |
Inflation Rate % |
2017 2018*
19,390.6 17,096.2 - ? - 4.4 245.12 -
19,956.8 17,379.7 ? ? ? 3.9 250.5 ?
* Estimated data from 2017 data, but very close. Sources: www.bea.gov and www.bls.gov 5a. Estimate the values and fill out the boxes with Questions marks. 5 pts
5b. Based on your estimated values from Q5a, briefly analyze the state of the US economy from year 2017 to 2018 and make a quick forecast for 2019 and 2020.
In: Economics
Presented below is information related to equipment owned by ACtiv Company on December 31, 2018.
Cost €10,000,000
Accumulated depreciation to date 2,500,000
Value-in-use 6,000,000
Fair value less the cost of disposal 5,400,000
Assume that ACtiv will continue to use this asset in the future. As of December 31, 2018, the equipment has a remaining useful of 4 years.
Instructions
(a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2018.
(b) Prepare the journal entry to record depreciation expense for 2019.
(c) The recoverable amount of the equipment on December 31, 2019, is €5,250,000. Prepare the journal entry (if any) necessary to record this increase.
please i need this question quickly
In: Accounting
Habiby, Inc., began operations in 2017 and has the following income and expenses for 2017 through 2020.
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Refer to the Corporate Tax Rate Schedule table to answer the following questions.
a. What is the amount of tax that Habiby should pay each year? If an amount is zero, enter "0".
|
b. How much would Habiby have paid in tax if the old NOL rules were in place but the corporate tax rate was 21 percent?. If an amount is zero, enter "0".
| 2017 | $ |
| 2018 | $ |
| 2019 | $ |
| 2020 | $ |
In: Accounting
Required information
In 2018, the Westgate Construction Company entered into a contract
to construct a road for Santa Clara County for $10,000,000. The
road was completed in 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,156,000 | $ | 3,388,000 | $ | 2,371,600 | |||
| Estimated costs to complete as of year-end | 5,544,000 | 2,156,000 | 0 | ||||||
| Billings during the year | 2,130,000 | 3,414,000 | 4,456,000 | ||||||
| Cash collections during the year | 1,865,000 | 3,300,000 | 4,835,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
3. Complete the information required below to
prepare a partial balance sheet for 2018 and 2019 showing any items
related to the contract. (Do not round intermediate
calculations.)
In: Accounting
The trial balance for Lindor Corporation, a manufacturing
company, for the year ended December 31, 2018, included the
following income accounts:
| Account Title | Debits | Credits |
| Sales revenue | 2,400,000 | |
| Cost of goods sold | 1,440,000 | |
| Selling and administrative expenses | 416,000 | |
| Interest expense | 44,000 | |
| Unrealized holding gains on investment securities | 84,000 | |
The trial balance does not include the accrual for income taxes.
Lindor's income tax rate is 40%. 1.4 million shares of common stock
were outstanding throughout 2018.
Required:
Prepare a single, continuous multiple-step statement of
comprehensive income for 2018, including appropriate EPS
disclosures. (Round EPS answer to 2 decimal
places.)
In: Accounting
a. Demron estimates that 2% of net credit sales will prove to be uncollectible. Prepare the adjusting entry required on December 31, 2017, to estimate uncollectible receivables.
b. During 2018, credit sales were $716,000 (cost of sales $469,460); sales discounts of $20,000 were taken when accounts receivable of $733,600 were collected; and accounts written off during the year totalled $16,400. Prepare the entries for these transactions. Assume Perpetual inventory system is used.
c. Record the adjusting entry required on December 31, 2018, to estimate uncollectible receivables, assuming it is based on 2% of net credit sales.
d. Show how accounts receivable would appear on the December 31, 2018, balance sheet.
In: Accounting
Lindenauer Corp. bought a machine on January 1, 2008 for $800,000. The machine had an expected life of 20 years and was expected to have a salvage value of $40,000. The company does not plan to dispose of the machine but does believe it may be impaired. On July 1, 2018, the company reviewed the potential of the machine and determined that its future net cash flows totaled $350,000 and its fair value was $230,000.
In: Accounting