Suppose in the year 2018, people spent $200 on durable goods, $200 on non-durable goods, and $100 on services. During the same year, the government paid $200 to soldiers and police officers, spent $100 building missiles and highways, spent $200 on welfare and unemployment benefits and $300 on social security payments. During this year the United States has imports totaling up to $500 while exporting $400 worth of goods and services. Finally, firms spent $200 on machines that will increase their productive capacity and they raised the amount of goods in their inventories from $400 at the beginning of the year to $500 at the end of the year. Please use this information to calculate total GDP for 2018a. $1,500b. $1,300c. $1,200d. $1,000

For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree).wagner corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar. spooner oil company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost. no mention of the change was included in the financial statements. the change had a material effect on spooner's financial statements. cypress manufacturing company purchased machinery having a five-year life. the cost of the machinery is being expensed over the life of the machinery. rudeen corporation purchased equipment for $180,000 at a liquidation sale of a competitor. because the equipment was worth $230,000, rudeen valued the equipment in its subsequent balance sheet at $230,000.davis bicycle company received a large order for the sale of 1,000 bicycles at $100 each. the customer paid davis the entire amount of $100,000 on march 15. however, davis did not record any revenue until april 17, the date the bicycles were delivered to the customer. gigantic corporation purchased two small calculators at a cost of $32.00. the cost of the calculators was expensed even though they had a three-year estimated useful life. esquire company provides financial statements to external users every three years.