Exercise 4-07 a-b The accountant of Bonita Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2020. Rent revenue $30,800 Interest expense 19,800 Market appreciation on land above cost 32,800 Salaries and wages expense (selling) 116,600 Supplies expense (selling) 19,400 Income tax 24,900 Salaries and wages expense (administrative) 137,700 Other administrative expenses 53,500 Cost of goods sold 497,800 Net sales 981,800 Depreciation on plant assets (70% selling, 30% administrative) 66,800 Cash dividends declared 17,800 There were 20,000 shares of common stock outstanding during the year. Prepare a multiple-step income statement.

When borrowers want funding to pay for different projects, they go to the loanable funds market and acquire funds through either indirect finance or direct finance. below, you are given five different scenarios. is each an example of direct finance or indirect finance?

Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. the economist proposes the following relationship: p=a x m - p=price level - m=money supply - a=a composite of other factors, including real gdp, that change very slowly over time. how might an economist gather empirical data to test the proposed relationship between money and the price level? an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level. unlike researchers in the hard sciences, economists cannot study complex relationships using data. economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy. an economist would look for data on past changes in the money supply, and note the resulting changes in the price level

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