Exhibit 7-2 Goods 1990 Quantities 1990 Prices 2012 Quantities 2012 Prices papayas 10 $1.00 20 $0.50 fish 15 $0.60 20 $0.80 skirts 8 $4.00 15 $4.00 Refer to Exhibit 7-2. Assuming that 1990 is the base year, Real GDP in 2012 is Question 10 options: $49. $51. $86. $92. not possible to calculate without the CPI.

Suppose the price of a complement to lcd televisions rises. what effect will this have on the market equilibrium for lcd tvs?

Balances for each of the following accounts appear in an adjusted trial balance. identify each as an asset, liability, revenue, or expense. 1. accounts receivable 2. equipment 3. fees earned 4. insurance expense 5. prepaid advertising 6. prepaid rent 7. rent revenue 8. salary expense 9. salary payable 10. supplies 11. supplies expense 12. unearned rent

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.