The payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total s
1 answer:
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Answer:
The entries are as follows
To record estimated returns on Sales
Debit: Sales Refund Payable Account $131,400
Credit: Accounts Receivables $131,400
To record estimated Cost of Sales returns
Debit: Inventory Returns Estimated Account $77,700
Credit: Inventory on Sales on Returns $77,700
Explanation:
To derive the figure for Sales Refund payable for the year
6% of $2,190,000
= = $131,400
To derive the figure for Inventory cost on Sales Refund payable for the year
6% of $1,295,000
= = $77,700
Answer:
The new equilibrium will have a lower level of price and the GDP will be $9 trillion
Explanation:
The law of the demand explain the movements of the aggregate demand, the new equilibriun will have a lower level of price and the real GPD of $9 trillion. The change in the level of price depends on elasticities of the agregate demand and the agragate supply.
