James owns two houses. he rents one house to the johnson family for $10,000 per year. he lives in the other house. if he were to rent the house in which he lives, he could earn $12,000 per year in rent. how much do the housing services provided by the two houses contribute to gdp? a. $0 b. $10,000 c. $12,000 d. $22,000

Will you use single-entry bookkeeping or double-entry bookkeeping? explain why.

Computing depreciation, net book value, and gain or loss on asset sale lynch company owns and operates a delivery van that originally cost $46,400. lynch has recorded straight-line depreciation on the van for four years, calculated assuming a $5,000 expected salvage value at the end of its estimated six-year useful life. depreciation was last recorded at the end of the fourth year, at which time lynch disposes of this van. compute the net bookvalue of the van on the disposal date.

Martha is the head of the accounts department in a small manufacturing company. the company follows the accrual-basis method of accounting. it recently purchased raw materials worth $5,000 from its vendors. however, the company paid only $3,000 to its vendors. it plans to pay the remaining amount after three months. considering this information, which entry should martha record in the company’s accounts? a. $5,000 as accounts receivable b. $3,000 as accounts payable c. $2,000 as accounts payable d. $2,000 as accounts receivable