Below you will find the items for the balance sheet for Moon Company for the period ended December 31,2019. Construct the balance sheet. Use the blank excel provided to create your financial statements and be sure to follow all of the formatting conventions used in Bovee et al, including headings, alignment (see p. 415). Hint: your balance sheet should balance; Assets should equal Liabilities and Shareholder’s Equity.
Moon Company
Period ended December 31, 2019
Land $113,000
Accounts payable $43,257
Interest payable $15,489
Accounts receivable $65,400
Common Stock $74,000
Cash $156,000
Loan $323,000
Taxes payable $11,300
Inventory $97,000
Prepaid rent $8,400
Furniture & fixtures $58,000
Salaries/wages payable $26,000
Buildings & improvements $134,000
Accumulated depreciation $87,000
Retained earnings $116,754
General equipment $65,000
Income Statement
Lion General Store Below you will find items for the income statement for Lion General Store for the year ending July 31, 2020. Assuming a tax rate of 20%, construct an income statement for this business. Use the blank excel provided to create your financial statements and be sure to follow all of the formatting conventions used in Bovee et al,
including headings, alignment (see p. 415). Hint: values are provided below that will help you "check" your
work.
Lion General Store
(in US$)
Selling expenses $118,600
Net operating profit 163,120
Other income 4,300
Cost of goods sold 438,765
Sales Returns and Allowances 6,524
Gross profit 320,077
Gross sales 765,366
General expenses 36,957
Other expenses 1,400
ANSWER THE FOLLOWING
Revenues
Net Sales
Cost of Goods Sold
Total Cost of Goods Sold
Gross income (profit)
Operating Expenses
Total Operating Expenses
Net Operating Profit
Other income
Net Income Before Income Taxes
Less: Income Taxes
Net Income After Taxes
Answers
Income Statement for Lion General Store: Revenues: Gross Sales - Sales Returns and Allowances = $758,842, Cost of Goods Sold: $438,765, Gross Income (Profit): Revenues - Cost of Goods Sold = $320,077, Operating Expenses: Selling expenses + General expenses + Other expenses = $156,957, Net Operating Profit: Gross Income - Operating Expenses = -$163,120, Other Income: $4,300, Net Income Before Income Taxes: Net Operating Profit + Other Income = -$158,820, Less: Income Taxes (20% of Net Income Before Income Taxes) = $31,764, Net Income After Taxes: Net Income Before Income Taxes - Income Taxes = -$127,056
Income Statement for Lion General Store:
Revenues: Gross Sales - Sales Returns and Allowances = $758,842
Cost of Goods Sold: $438,765
Gross Income (Profit): Revenues - Cost of Goods Sold = $320,077
Operating Expenses: Selling expenses + General expenses + Other expenses = $156,957
Net Operating Profit: Gross Income - Operating Expenses = -$163,120
Other Income: $4,300
Net Income Before Income Taxes: Net Operating Profit + Other Income = -$158,820
Less: Income Taxes (20% of Net Income Before Income Taxes) = $31,764
Net Income After Taxes: Net Income Before Income Taxes - Income Taxes = -$127,056
Balance Sheet for Moon Company, Period Ended December 31, 2019:
Assets:
Land: $113,000
Accounts receivable: $65,400
Cash: $156,000
Inventory: $97,000
Prepaid rent: $8,400
Furniture & fixtures: $58,000
Buildings & improvements: $134,000
General equipment: $65,000
Less Accumulated depreciation: ($87,000)
Total Assets = $611,800
Liabilities:
Accounts payable: $43,257
Interest payable: $15,489
Common Stock: $74,000
Loan: $323,000
Taxes payable: $11,300
Salaries/wages payable: $26,000
Total Liabilities = $493,046
Shareholders’ Equity:
Common Stock: $74,000
Retained earnings: $116,754
Total Shareholders’ Equity = $190,754
Total Liabilities and Shareholders’ Equity = $683,800
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Related Questions
Suppose 2-year Treasury bonds yield 3.3%, while 1-year bonds yield 2.7%. r* is 1%, and the maturity risk premium is zero. Using the expectations theory, what is the yield on a 1-year bond, 1 year from now? Calculate the yield using a geometric average. Do not round intermediate calculations. Round your answer to two decimal places. % What is the expected inflation rate in Year 1? Year 2? Do not round intermediate calculations. Round your answers to two decimal places. Expected inflation rate in Year 1: % Expected inflation rate in Year 2: %
Answers
Answer:
3.90%
1.7%
2.9%
Explanation:
Give the following :
Yield on 2 years Treasury bond (Y2) = 3.3% = 0.033
Yield on 1 years Treasury bond (Y1) = 2.7% = 0.027
r* = risk free rate = 1%
Yield on 1 year bond, 1 year from now :
Compounded yield on yield 1 at 2.7% + Interest on return = compounded yield on 2 years bond :
(1 + 0.027) = yield on year 1
(1 + y) = yield one year from now
(1 + 0.027)¹ + (1 + y)¹ = (1 + 0.033)²
1 + y = (1 + 0.033)² / (1 + 0.027)¹
1 + y = 1.067089 / 1.027
1 + y = 1.0390350
y = 1.0390350 - 1
y = 0.03903
Yield = 0.039 * 100% = 3.90%
Inflation premium = yield rate - Risk free rate - maturity risk premium
Maturity risk premium = 0%
Hence,
For year 1
Inflation premium = 2.7% - 1% - 0% = 1.7%
For year 2:
Inflation premium = 3.9% - 1% - 0% = 2.9%
what is engineering?
Answers
Answer:
Engineering is an occupation with an extremely wide reach. The term 'engineering' covers many fields and, by extension, many skills. Engineers are scientists, inventors, designers, builders and great thinkers and improve the state of the world, expand human capability and make people's lives safer and easier.
Engineering skills include:
The scientific methodSocial, cultural and economic awareness MathematicsBiology, chemistry, physics and other areas of scienceCreativityTeamworkWhere science is involved with designs, buildings, use of engines, machines, and structures.Doris is a member of a team that works to seamlessly execute a large company’s annual shareholder meeting and quarterly board meetings on an ongoing basis. Doris is an employee in the investor relations department of the company. The team also includes Don from IT, Sally from Communications, Editha from event management, Saul from security, Tony from catering, Rob from transportation services and Lola from Marketing. This team is an example of what kind of team?
Answers
Answer: Cross functional team
Explanation:
Cross functional team could be defined as a team of people from their parent department in an organization, coming together to work for another purpose. This is a scenario were people in addition to their existing department's in organization work for another function. This works for short term committee, to meet up a project or task.
A) Moving to another question will save this response. Question 1 For innovative products with very short lifespans (i.e., one year or less), the best manufacturing system would likely: a. Plan capacity utilization close to 100% b. Plan to produce in low wage counties c. Plan capacity utilization less than 100%
Answers
For innovative products with very short lifespans (i.e., one year or less), the best manufacturing system would likely be to plan capacity utilization less than 100%. Here's why:
1. Flexibility: Products with short lifespans require the ability to quickly adapt to changing market demands. By planning capacity utilization less than 100%, manufacturers have the flexibility to adjust production levels based on customer demand. This prevents overproduction and reduces the risk of excess inventory.
2. Cost efficiency: Producing at close to 100% capacity may lead to increased costs, such as overtime or rushed production. By planning capacity utilization less than 100%, manufacturers can optimize production efficiency while minimizing costs. This is especially important for products with short lifespans, as cost control is crucial to maintain profitability.
3. Risk mitigation: Short-lived products carry a higher risk of becoming obsolete or losing demand. Planning capacity utilization less than 100% allows manufacturers to mitigate the risk by avoiding excessive investments in production capacity that may become underutilized in the future.
In summary, for innovative products with short lifespans, planning capacity utilization less than 100% offers flexibility, cost efficiency, and risk mitigation.
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How many milliliters are in 1 quart?
Answers
With the help of online research, write a short report on “glocalization.”
Answers
The phenomena of Glocalization, which is best described as Thinking Globally, Acting Locally, is created when the two terms of globalisation and localization are combined.
To put it more properly, we may say that although if a single brand is produced, sold, and distributed globally, it is nevertheless personalised and customised to suit the tastes and preferences of customers in the many global marketplaces.
It is carried out since each region of the world has its own unique culture, linguistic preferences, demands, and desires.
By adjusting their offerings and products to meet the needs of that specific market, businesses may effectively position and place their items, resulting in high revenues and devoted customers.
The following are all global brands, although they cater to the demands of their customers in various parts of the world while selling items.
Chips by Lays (They sell different flavours in different parts of the world, according to the taste preference and eating habits of that country).
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2 Why is the retailor referred to as a middleman in the chain of distribution?
Answers
By facilitating the movement of goods and services and establishing connections between producers and customers, retailers play a crucial role in the distribution chain.
Due to their pivotal location in the chain of distribution between the makers or producers of goods and the final consumers, retailers are frequently referred to as middlemen. They are essential in bridging the divide and facilitating the trade of goods and services between the two sides. The following justifies the retailer's status as a middleman:
1. Intermediary Role: By buying products in bulk from producers or wholesalers and selling them to final customers in smaller amounts, the retailer serves as an intermediary. They act as a connecting point in the supply chain, ensuring that goods are efficiently delivered to their intended clients.
2. Physical Distribution: Retailers are in charge of the actual product distribution. To guarantee prompt delivery to customers, they oversee logistics, inventory, and storage of the goods. This calls for activities like shipping, warehousing, and order fulfilment.
3. Market Access: Retailers give producers a platform to connect with a larger consumer base. They are able to connect products with the appropriate target market thanks to their extensive networks, market expertise, and customer relationships. Retailers frequently have a number of stores and/or an online presence, extending the geographic reach of their items.
Retailers interact directly with customers, which is important for understanding their requirements, preferences, and purchase patterns. They enhance the overall client experience by providing individualised help, product demos, and after-sales support.
5. worth Addition: Retailers increase the worth of their items through branding, packaging, price, and marketing initiatives. They distinguish items, provide a unique selling proposition, and raise consumer awareness. Retailers may also combine products, give discounts, or offer other services to draw customers.
Retailers play a crucial role in the distribution chain by easing the flow of goods and services, linking producers with consumers, and enhancing the overall customer experience, despite the fact that the term "middleman" occasionally has the connotation of being unneeded or redundant.
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How do you calculate a company's net worth?
a) Total up all Assets
b) Subtract total Liabilities from Stockholder's Equity
O c) Subtract Stockholder's Equity from Total Assets
O d) Subtract total Liabilities from total Assets
Answers
To find a companies net worth you subtract total liabilities from total assets
Your welcome…
Why is fashion designer Kira's Plasinina father important
a. He is a businessman who helped her achieve her goals .
b. He liked her drawings .
c. He funded her ventures.
d. He was her inspiration
Answers
The campus barber faces stiff competition from the large number of shops that surround the campus area, and for all practical purposes the market is perfectly competitive. He charges $10 for a haircut and cuts hair for 18 people a day. His shop is open for 5 days a week.
Calculate his weekly total revenue $__.
Calculate his average revenue per haircut $__.
Calculate his marginal revenue per haircut. $__.
Answers
Answer:
$900
$10
$10
Explanation:
A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
In a perfect competition, price = marginal revenue = average revenue
if price is $10, marginal and average revenue is $10.
total revenue = price per haircut x total number of people he attends to in a week.
total number of people he attends to in a week = 18 x 5 = 90
Total revenue = $10 x 90 = $900
Manufacturers who offer home trials of their products think that consumers will either like the product enough to keep it or
Answers
Businesses conduct market research by speaking with potential customers directly to determine whether a new product or service will succeed. Through market research, businesses can identify their target market and obtain in-the-moment consumer opinions and input. This is how home trials are done by manufacturers.
To make sure products are produced according to your clients' expectations, trial production runs are crucial. The trials enable for inspections and assessments to ascertain whether the product is of sufficient quality as well as whether your production operations are being carried out effectively. The four case types of civil, criminal, juvenile, and traffic trials can be used to classify all trial kinds. First appearance, arraignment, motions, pre-trial conference, and trial are the five phases. To make sure products are produced according to your clients' expectations, trial production runs are crucial. The trials enable examinations and reviews to ascertain not only whether the product is of suitable quality but also whether your production operations are being carried out effectively.To know more about manufacturing trial here
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the partnership agreement of nieto, keller, and pickert provides for the following income ratio: (a) nieto, the managing partner, receives a salary allowance of $36,000, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. the average capital investments for the year were: nieto $200,000, keller $400,000, and pickert $600,000. if partnership net income is $180,000, the amount distributed to nieto should be:
Answers
The amount distributed to Nieto would be $30,000 (salary allowance) + $0 (remaining net income) = $30,000.
To calculate the amount distributed to Nieto, we need to follow the partnership agreement.
First, Nieto's salary allowance of $36,000 is deducted from the partnership net income of $180,000. This leaves us with $144,000 to distribute among the partners.
Next, we calculate the interest on average capital investment. Each partner receives 15% interest on their respective average capital investments.
Nieto's average capital investment is $200,000, so Nieto would receive 15% of $200,000, which is $30,000.
Keller's average capital investment is $400,000, so Keller would receive 15% of $400,000, which is $60,000.
Pickert's average capital investment is $600,000, so Pickert would receive 15% of $600,000, which is $90,000.
Finally, we divide the remaining net income equally among the partners. Since Nieto has already received a salary allowance and interest on capital investment, Nieto does not receive any additional amount from the remaining net income.
Therefore, the amount distributed to Nieto would be $30,000 (salary allowance) + $0 (remaining net income) = $30,000.
In summary, Nieto should receive $30,000 according to the partnership agreement.
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A sole proprietorship whose name is a trade name is liable for injuries caused by its product or service.
True
False
Answers
explanation; ran by one person there is no legal distinction between the owner and business entity
When would you include an executive summary in a report?
Answers
Answer: Is B. When the report is 30 Pages long
Explanation: because I know
Which one is the best choice. Please explain why. I’ll give extra points.
Answers
Answer:
10
Explanation:
Surplus for Donovan: 10 - 4.50 = 5.50
Surplus for Rudy: 8 - 4.50 = 3.50
Surplus for Mike: 6 - 4.50 = 1.50
Surplus for Royce: 4 - 4.50 = -0.50
Sum of all surpluses: 5.50+3.50+1.50-0.50=10
question 4 you are presenting to your stakeholders and want to convey confidence. how should your body language reflect your composure? select all that apply. 1 point stand up straight and be still make eye contact with audience members pace as you speak to the audience gesture enthusiastically to illustrate each point
Answers
The correct options are A), B) and D). A)Stand up straight and be still. B) Make eye contact with audience members. D) Gesture enthusiastically to illustrate each point.
What is a body language?Body language is a vital aspect of communication, and it conveys a lot about an individual. It has the ability to convey emotions and feelings, and a lot of people judge or form opinions based on body language, so it's essential to be mindful of it when presenting to stakeholders.
Stand up straight and be still: Standing up straight with an upright posture shows confidence and alertness. It moreover lets in to control body movements.
Make eye contact with audience members: Maintaining eye contact with the audience indicates confidence and sincerity. It also shows that you are paying attention to the audience and that they are important.
Gesture enthusiastically to illustrate each point: Gesturing with your hands to emphasize your point can add energy and enthusiasm to your presentation. It also helps to maintain the audience's attention.
The correct options are A), B) and D).
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What are two typical tasks for caterers?
Answers
Answer:
I will give th whole list:
Creating Menus. Caterers must prepare a menu with a variety of different popular foods. ...
Event Coordination. ...
Preparing Food. ...
Transporting Food Items. ...
Setting Up. ...
Food Service. ...
Cleaning Up.
Explanation:
Pls Brailniest!
HOW IS EVERYONE i love u all and enjoy helping you where u may struggle
Answers
Answer:
THANK YOU SOOO VERY MUCH. I need assistance with my question
Lightskins or Darkskins
Or Other ?
Answers
Answer:
any kind of boy
Explanation:
I have no type
Mr. Zhao owns a sole proprietorship. The business assets have a $246,000 aggregate adjusted basis. According to an independent appraisal, the business is worth $400,000. Mr. Zhao transfers his business to ZJL Corporation in exchange for 1,000 shares of ZJL stock. Assume that Mrs. Ladd, who is Mr. Zhao’s business colleague, transfers $200,000 cash to ZJL Corporation in exchange for 500 shares of ZJL stock. Mr. Zhao and Mrs. Ladd’s transfers occur on the same day and, after the exchange, ZJL has 1,500 shares of outstanding stock (1,000 owned by Mr. Zhao and 500 owned by Mrs. Ladd).
Required:
Compute Mr. Zhao’s recognized gain on the exchange of assets for stock.
Reconnized gain is:???
Answers
Mr. Zhao's recognized gain on the exchange of assets for stock is $20,670.
To calculate Mr. Zhao's recognized gain on the exchange of assets for stock, we need to compare the fair market value (FMV) of the stock received with the adjusted basis of the assets transferred.
Aggregate adjusted basis of the business assets: $246,000
FMV of the business as per independent appraisal: $400,000
Since Mr. Zhao transferred his business assets to ZJL Corporation in exchange for 1,000 shares of ZJL stock, we need to determine the FMV of the stock received by Mr. Zhao.
FMV per share = FMV of the business / Total shares outstanding
FMV per share = $400,000 / 1,500 shares
FMV per share = $266.67
FMV of stock received by Mr. Zhao = FMV per share × Number of shares received
FMV of stock received by Mr. Zhao = $266.67 × 1,000 shares
FMV of stock received by Mr. Zhao = $266,670
To calculate the recognized gain, we compare the FMV of the stock received ($266,670) with the adjusted basis of the assets transferred ($246,000).
Recognized gain = FMV of stock received - Adjusted basis of assets transferred
Recognized gain = $266,670 - $246,000
Recognized gain = $20,670
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Please match the barriers to entry that are discussed in the book with an example of the barrier. Group of answer choices Natural monopoly [ Choose ] Control of a physical resource [ Choose ] Legal monopoly [ Choose ] Patent, trademark, and copyright [ Choose ] Intimidating potential competitors
Answers
Barriers to entry are the obstacles that stops new competitors from gaining entrance into a new market.
What are the barriers to entry?PatentsHigh costLicensesMonopolyAll of these are the ways that a new producer can be discouraged from being part of a new market.
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You find a certain stock that had returns of 13 percent, −20 percent, 21 percent, and 12 percent for four of the last five years. The average return of the stock over this period was 9.3 percent.
Required:
a. What was the stock’s return for the missing year?
b. What is the standard deviation of the stock’s returns?
Answers
Answer: year 5 = 20.5
standard deviation =15.11
Explanation:
YEAR RETURNS
Year 1 13%
year 2 -20%
year 3 21 %
year 4 12%
year 5 ??
Average return = total returns 0f year 1 to 5/ number of year
year1 + year2 + year3 + year 4 + year 5)/5
9.3% = 13% +-20% + 21%+ 12% +y
9.3% x 5 =26% + y
46.5 -26 =y
y= 20.5= year 5
Standard deviation of the stock's retrurn = ( (x -average mean)2/5))^1/2
Yr x x-average mean x-average mean^2
Yr x x-9.3 (x-9.3)^2
1 13.00 3.7 13.69
2 - 20.00 29.3 858.49
3 21.00 11.7 136.89
4 12.00 2.7 7.29
5 20.50 11.2 125.44
Total 1,141.8
Standard deviation = ( (x -average mean)2/5))^1/2
=(1141.80/5 )^1/2
=228.36^1/2
=15.11
Answer:
Mean = 20.5%Standard Deviation = 16.90%Explanation:
Missing mean
9.3 = (13 +-20 + 21 + 12 + missing mean)/5
46.5 = 13 +-20 + 21 + 12 + missing mean
Missing mean = 46.5 - 13 + 20 - 21 -12
Missing mean = 20.5%
Standard deviation
Variance
Squared Deviations from mean = (( 0.13 - 0.093)² + (-0.20 - 0.093)² + (0.21 - 0.093)² + (0.12 - 0.093)² + ( 0.25 - 0.093)²) / ( 5- 1)
= 0.1142 / 4
= 0.02855
Standard deviation = √0.02855
= 16.90%
In which type of economy is a business owner most likely to benefit from free enterprise?
Answers
hope this helps
Answer:
Sole proprietorship
Explanation:
I’m not 100% sure but it’s a sole individual business
-. Describe the four factors of production. How have the owners of Finagle A Bagel used them to
build the business over time?
Answers
Answer:
Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
To examine
the weekly payroll of all employees, one would look at the:
Answers
To examine the weekly payroll of all employees, one would look at the: d. payroll register.
What is the payroll register?The payroll register is a book or record that is used to fill in the details of all the employees and their payment logs. A record of this register is often kept in good condition in case of any future discrepancies that will have to be resolved.
A person who wants to examine the weekly payroll of all employees in an organization must be able to look at the payroll register to know what is obtainable. There, he would find the names of the employees, their job roles and payment record.
Options:
a. W-4
b. employee earnings record
c. W-2
d. payroll register.
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Henry has been newly appointed as the head of the HR team at AAS Technologies. In an attempt to establish a more efficient and reliable workflow, Henry has taken up the responsibility of creating job descriptions and job specifications for the newly hired and current engineers within the organization. While doing so, Henry gathers information about the knowledge, skills, abilities, and other characteristics (KSAOs) required for an engineer to successfully perform the job. How will determining the KSAOs most benefit the organization?
Answers
Answer:
Explained below
Explanation:
KSAOs or knowledge, skills, abilities, and other characteristics, are the unique set of criteria required by a hiring agency or company for a particular job.
Henry, being the HR head at AAS Technologies looks for these features in a desirable candidates to find common sync between the job requirements and the capabilities of the candidate. It proves to be an effective method to filter out less desirable job seekers.
Which settings would convert the information below into the table below?
Type of Animal Number of Children's Favorite
Whale-12
Tiger → 3
Lion 4
Elephant 6
Monkey 8
Giraffe 2
Answers
The settings that would convert the information given above is autofill to content.
What is autofill to content?Autofill to content refers to a feature in some software applications that automatically fills in or completes a form or field based on previously entered information or data. The goal of autofill to content is to save time and effort by automatically entering information that is likely to be the same for each new form or field.
For example, autofill to content can be used to automatically enter a user's name, address, phone number, and other contact information in a web form. When the user begins typing the first letter of their name or address, the software will suggest the rest of the information based on previous entries, allowing the user to select the correct information from a drop-down list and then automatically fill in the remaining fields.
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One positive impact that industrialization has had is that.
Answers
One positive impact that industrialization has had is that industrialization has been a source of many jobs for people.
What is industrialization?Industrialization refers to the development of industries in a country or region on a wide scale.
One positive impact that industrialization has had is that industrialization has been a source of many jobs for the people.
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A fall in labor costs will cause aggregate Group of answer choices supply to decrease. demand to decrease. supply to increase. demand to increase.
Answers
A fall in labor costs will cause aggregate supply to increase, not decrease. This is because lower labor costs can lead to increased production efficiency and lower prices for consumers, which can increase overall supply in the market.
It is important to note that a decrease in labor costs may also lead to an increase in demand, as lower prices can make products more affordable and desirable to consumers. A fall in labor costs is likely to cause aggregate supply to increase, not decrease. This is because lower labor costs can result in lower production costs for businesses, which can increase their profitability and encourage them to produce more goods and services, thereby increasing the aggregate supply. Therefore, the correct answer is "supply to increase."
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Rahm's credit card issuer calculates interest based on the outstanding
balance at the end of the last billing period. What is this method of
calculating interest on a credit card called?
O
A. Adjusted balance method
B. Average daily balance method
O C. Previous balance method
O D. None of the above
Answers
Answer:
Adjusted balance method.
Explanation:
Adjusted balance method is defined a method of calculating financial interest based on the outstanding balance at the end of the last billing period after the payments after all necessary adjustment to the account has been made.
This method of interest calculating leads to a reduced finance charge with time as payments are being made to offset and reduce the balance on the card
Answer:previous balance method
Explanation: