Change in U.S government debt since 2008 and its sources.

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Answer 1

Question

Chapter 13, Problem 1SPA

To determine

Change in U.S government debt since 2008 and its sources.

Expert Solution & Answer

Explanation of Solution

Since 2008, the U.S. government budget has been continue as deficit due to the increment in expenditure. In 2010, the budget deficit was extra-large, which was more than 10 per cent of GDP. During 2015, the total revenue was $4,158 billion and expenditure is $3,514, which cause deficit of $644 billion. The major cause of continuing budget deficit is expenditure on goods and services, particularly security related goods and services and expenditure on defense has been increased after 2000. Another source of government debt was transfer payment, which includes social security benefit, health care and unemployment insurance has been increased since 2008 as a result of stimulating economy.

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Jim's Bank Account for the Year to 30 April 2008: We will start by calculating the balance of the business bank account, using the transactions provided. Opening Balance: Jim initially deposited €150,000 into his business bank account on 1 May 2007. Transactions: Receipts: Cash Sales (May 2007 to April 2008): €96,000 Credit Sales (Business customers): €19,600 (Note: This amount is not yet received as it is on credit, but it will be included in the Income Statement and not the bank balance at this stage.) Bank receipts from credit customers (amount owed at 30 April 2008): €6,800 Total Receipts:€96,000 (Cash Sales) + €6,800 (credit customer payments) = €102,800 Payments/Expenditures: Lease Payment (Paid in advance for five years): €50,000 Shop Fitting: €10,000 Assistant’s Wages: €250 per month × 12 months = €3,000 Telephone expenses: €800 Heat & Light expenses: €1,000 Jim’s withdrawals for personal expenditure: €1,000 × 12 months = €12,000 Accounting Fee (after the year-end):…

Answer 2

Question

Chapter 13, Problem 1SPA

To determine

Change in U.S government debt since 2008 and its sources.

Expert Solution & Answer

Explanation of Solution

Since 2008, the U.S. government budget has been continue as deficit due to the increment in expenditure. In 2010, the budget deficit was extra-large, which was more than 10 per cent of GDP. During 2015, the total revenue was $4,158 billion and expenditure is $3,514, which cause deficit of $644 billion. The major cause of continuing budget deficit is expenditure on goods and services, particularly security related goods and services and expenditure on defense has been increased after 2000. Another source of government debt was transfer payment, which includes social security benefit, health care and unemployment insurance has been increased since 2008 as a result of stimulating economy.

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Answer 3

Question

Chapter 13, Problem 1SPA

To determine

Change in U.S government debt since 2008 and its sources.

Expert Solution & Answer

Explanation of Solution

Since 2008, the U.S. government budget has been continue as deficit due to the increment in expenditure. In 2010, the budget deficit was extra-large, which was more than 10 per cent of GDP. During 2015, the total revenue was $4,158 billion and expenditure is $3,514, which cause deficit of $644 billion. The major cause of continuing budget deficit is expenditure on goods and services, particularly security related goods and services and expenditure on defense has been increased after 2000. Another source of government debt was transfer payment, which includes social security benefit, health care and unemployment insurance has been increased since 2008 as a result of stimulating economy.

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Answer 4

Question

Chapter 13, Problem 1SPA

To determine

Change in U.S government debt since 2008 and its sources.

Expert Solution & Answer

Explanation of Solution

Since 2008, the U.S. government budget has been continue as deficit due to the increment in expenditure. In 2010, the budget deficit was extra-large, which was more than 10 per cent of GDP. During 2015, the total revenue was $4,158 billion and expenditure is $3,514, which cause deficit of $644 billion. The major cause of continuing budget deficit is expenditure on goods and services, particularly security related goods and services and expenditure on defense has been increased after 2000. Another source of government debt was transfer payment, which includes social security benefit, health care and unemployment insurance has been increased since 2008 as a result of stimulating economy.

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Answer 5

Chapter 13, Problem 1SPA

To determine

Change in U.S government debt since 2008 and its sources.

Expert Solution & Answer

Explanation of Solution

Since 2008, the U.S. government budget has been continue as deficit due to the increment in expenditure. In 2010, the budget deficit was extra-large, which was more than 10 per cent of GDP. During 2015, the total revenue was $4,158 billion and expenditure is $3,514, which cause deficit of $644 billion. The major cause of continuing budget deficit is expenditure on goods and services, particularly security related goods and services and expenditure on defense has been increased after 2000. Another source of government debt was transfer payment, which includes social security benefit, health care and unemployment insurance has been increased since 2008 as a result of stimulating economy.

Answer 6

Chapter 13, Problem 1SPA

To determine

Change in U.S government debt since 2008 and its sources.

Expert Solution & Answer

Explanation of Solution

Since 2008, the U.S. government budget has been continue as deficit due to the increment in expenditure. In 2010, the budget deficit was extra-large, which was more than 10 per cent of GDP. During 2015, the total revenue was $4,158 billion and expenditure is $3,514, which cause deficit of $644 billion. The major cause of continuing budget deficit is expenditure on goods and services, particularly security related goods and services and expenditure on defense has been increased after 2000. Another source of government debt was transfer payment, which includes social security benefit, health care and unemployment insurance has been increased since 2008 as a result of stimulating economy.

Answer 7

Chapter 13, Problem 1SPA

To determine

Change in U.S government debt since 2008 and its sources.

Answer 8

Expert Solution & Answer

Explanation of Solution

Since 2008, the U.S. government budget has been continue as deficit due to the increment in expenditure. In 2010, the budget deficit was extra-large, which was more than 10 per cent of GDP. During 2015, the total revenue was $4,158 billion and expenditure is $3,514, which cause deficit of $644 billion. The major cause of continuing budget deficit is expenditure on goods and services, particularly security related goods and services and expenditure on defense has been increased after 2000. Another source of government debt was transfer payment, which includes social security benefit, health care and unemployment insurance has been increased since 2008 as a result of stimulating economy.