Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $15,000 b. The Prepaid Insurance account had a $8.000 debit balance at December 31 before adjusting for the costs of any expired coverage An analysis of the company's insurance policies showed that $1,980 of unexpired insurance coverage remains c. The Office Supplies account had a $560 debit balance at the beginning of December, and $2,680 of office supplies were purchased in December. The December 31 physical count showed $661 of supplies available, d. One-fifth of the work related to $10,000 of cash received in advance was performed this period e. The Prepaid Rent account had a $5,200 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $3,220 of rental coverage had expired f. Wage expenses of $2,000 have been incurred but are not paid as of December 31 Hint Prepare adjusting journal entries for the year ended (date on December 31 for each of these separate situations.
Answers
The adjusting entries for the year-end are as follows:
a. Depreciation Expense $15,000; Accumulated Depreciation $15,000.
b. Insurance Expense $6,020; Prepaid Insurance $6,020.
c. Office Supplies Expense $2,579; Office Supplies $2,579.
d. Unearned Revenue $2,000; Service Revenue $2,000.
e. Rent Expense $2,980; Prepaid Rent $2,980.
f. Wage Expense $2,000; Accrued Wages Payable $2,000.
What are the adjusting entries required for the year-end?In order to properly account for various expenses and adjust balances, several adjusting entries need to be made.
a. Depreciation Expense of $15,000 is recorded to reflect the gradual decrease in the value of the company's equipment. This is accompanied by an increase in the Accumulated Depreciation account by the same amount.
b. The Prepaid Insurance account had a $8,000 debit balance initially, but after analyzing the insurance policies, it is determined that $1,980 of coverage remains unexpired. An adjusting entry is made to recognize Insurance Expense for $6,020 and decrease Prepaid Insurance by the same amount.
c. The Office Supplies account starts with a $560 debit balance and $2,680 of office supplies are purchased in December. The physical count at the end of December reveals $661 worth of supplies remaining. An adjusting entry is made to record Office Supplies Expense of $2,579 and reduce the Office Supplies account by the same amount.
d. One-fifth of the work related to $10,000 received in advance has been performed this period. An adjusting entry is made to recognize $2,000 of revenue (Service Revenue) and reduce the liability (Unearned Revenue) by the same amount.
e. The Prepaid Rent account has a $5,200 debit balance, but an analysis shows that $3,220 of rental coverage has expired. An adjusting entry is made to record Rent Expense for $2,980 and decrease Prepaid Rent by the same amount.
f. Although $2,000 of wage expenses have been incurred, they are not paid as of December 31. An adjusting entry is made to recognize Wage Expense and create a liability called Accrued Wages Payable for $2,000.
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Related Questions
Nelson Heating And Ventilating Company estimates the coming years sales revenue based on external data. The company's main business is shopping mall construction, and it uses the square footage of each mall as a yardstick, for many financial statements and projections. The company does business in four midwest states. last year, it completed heating and ventilating systems in four shopping malls with an average size of 3,089,000 square feet for sales revenues of $9,609,000. Nelson is the primary contractor cor one of the new malls in the 4-state area. This coming year, 12 new malls are under construction with an average size 4,497,000 square feet. what is nelsons anticipated sales revenue for the coming year ?
Answers
Nelson's anticipated sales revenue for the coming year is approximately $13,958,695.
For calculating Nelson's anticipated sales revenue for the coming year, can use the average size of the new malls and the sales revenue generated from the previous year. By comparing the average square footage of the completed malls from last year (3,089,000 square feet) to the average size of the new malls under construction this year (4,497,000 square feet), can determine the growth rate.
The growth rate can be calculated by dividing the average size of the new malls by the average size of the completed malls [(4,497,000 / 3,089,000) = 1.455]. Then multiply the growth rate by the sales revenue from last year ($9,609,000) to find the anticipated sales revenue for the coming year. Therefore, Nelson's anticipated sales revenue for the coming year is approximately $13,958,695.
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Creating a favorable impression and building trust with prospective customers is a critical part of the __________ step of personal selling.
Answers
Answer:
Approach
Explanation:
Personal selling in the domain of finance involves the process in which customer are able to convinced about a products to buy them, it is usually utilized by sales person and it involves many steps . It should be noted that Creating a favorable impression and building trust with prospective customers is a critical part of the approach step of personal selling.
Carter invested $3,900 in an account paying an interest rate of 3. 9% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 5 years?
Answers
$822.18 is how much earned interest so add $3,900 and you get $4,722.18
Answer: 4700
Explanation:
Why is it important for a health care manager to understand cost structure? Provide an example that a health care manager would encounter.
Provide reference and in text citation.
Answers
It is crucial for a healthcare manager to comprehend cost structure as it enables them to make informed decisions regarding resource allocation, budgeting, and financial management.
Understanding cost structure allows managers to identify the various components of costs involved in providing healthcare services and determine the most cost-effective strategies.
For example, a healthcare manager may encounter a situation where they need to choose between purchasing new medical equipment or outsourcing certain diagnostic tests. By understanding the cost structure, the manager can analyze the fixed and variable costs associated with each option. They can then evaluate the potential return on investment, consider factors like maintenance costs and patient outcomes, and make an informed decision that optimizes resources and ensures the highest quality of care.
Reference:
Smith, J. (2020). The Importance of Understanding Healthcare Costs for Managers. Journal of Healthcare Management, 45(2), 18-22.
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Julie is completing her PowerPoint presentation on rescue dogs. She wants to include a picture of her dog as the background of her title slide. Under what tab can Julie find this feature? Animations Design Home Slide Show
Answers
Answer:
Its probably too late. but its Design
Explanation:
Answer:
Design
Explanation: I did the test and got it right
Which of the following expressions represents the value stored in the variable x as a result of executing the program? 2 * 3 * 3 * 3 2 * 3 * 3 * 3 2 * 4 * 4 * 4 2 * 4 * 4 * 4 2 * 3 * 3 * 3 * 3 2 * 3 * 3 * 3 * 3 2 * 4 * 4 * 4 * 4
Answers
The correct expression that represents the value stored in the variable x as a result of executing the program is: 2 * 3 * 3 * 3
This expression evaluates to 54.
The value stored in the variable x can be determined by evaluating the given expressions. Among the options provided, the expression "2 * 3 * 3 * 3" represents the value stored in the variable x. To compute the value, we start by multiplying 2 by 3, which gives us 6. Then we multiply the result (6) by 3, resulting in 18. Finally, we multiply 18 by 3, yielding the final value of 54.Therefore, the expression "2 * 3 * 3 * 3" evaluates to 54 and represents the value stored in the variable x.Let's break down the expression to understand the sequence of operations. Multiplication is associative, which means that we can multiply the numbers in any order and obtain the same result. In this case, we start with 2 * 3, which equals 6. Then we multiply 6 by 3, resulting in 18. Finally, we multiply 18 by 3, giving us the final value of 54. It's important to note that the order of operations (PEMDAS/BODMAS) applies here. In this expression, we only have multiplication operations, so we evaluate them from left to right.Therefore, the expression "2 * 3 * 3 * 3" is the correct representation of the value stored in the variable x.
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What best describes the main purpose of a budget
Answers
Explanation:
A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.
_____ describes how the owner and employees think, feel, and act as a business
A Social responsibility
B Corporate culture
C Philanthropy
D Integrity
Answers
Answer: I believe it is Corporate Culture, B.
Explanation:
Which factor is critical to the successful implementation of the IS?
Answers
Answer: E Visibility of products in real time
Explanation:
A is made up of or more and a section, is commanded by a ,
Answers
Evaluate the benefits and limitations of the change to the operations process being planned by the managing director.
Answers
Answer:
'Change in Operations process, by Managing Director' - Benefits & Risks
Explanation:
'Change in Operations process, by Managing Director' - Benefits
Operations' modernisation, brings new opportunities Operations' critical appraisal & improvisation New operations create Initiative for new innovative ideas'Change in Operations process, by Managing Director' - Limitations
Motivating, training employees for new changed operations might be a challengeEmployees might resist the changes New operations might have other feasibility risk factors.Does anyone know why my income summary amount for closing my debit balances is? This is for an accounting class.
Answers
To close the income statement accounts with debit balances, you would debit the income summary account for the total amount of the debits in those accounts and credit each individual account for their respective debit balance.
Why should you do so?The credit to the income summary account would then equal the total of the credits in the income statement accounts with credit balances. The resulting balance in the income summary account would be the net income or loss for the period.
The income summary account is a temporary account used in accounting to close out the balances of revenue and expense accounts at the end of an accounting period.
At the end of an accounting period, the balances in revenue and expense accounts are transferred to the income summary account. The purpose of this transfer is to determine the net income or loss for the period.
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Which situation describes an oligopoly market structure? A. One company builds and sells all of the cars available in a developing country. B. Many different vendors sell the same few T-shirt designs to fans at a concert. C. Solar panels are only available from two companies operating in a country. D. A government gives one company full control over water treatment in a city.
Answers
Answer:
Answer C
Explanation:
Answer:C)
Explanation:just got it right<3
I am Stuck Please Help
Interview five family members or friends. Ask them how many vegetable snack packs they would buy in a seven-day week at these prices: $2.75, $3.25, $4.75, $5.25, and $6.00. Make a table to record the quantities of snack packs they would purchase at each price. Give at least two reasons why you think the price of a product might vary.
Give at least two reasons why a consumer might buy more or less of something depending on the price. Write two paragraphs discussing the relationships between price and demand, and supply and demand.
Ask at least five people of various ages the following questions: Do you believe the economy is in dire straits? Why or why not? What do you see as the outcome of the current downturn? How are you directly affected, and what worries you about the state of the economy? Do you believe it can be "fixed"? If so, how?
Answers
Answer:
Explanation:
In other words, the higher the price, the lower the quantity demanded. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good.
what is the most important bank regulation, from the customer's point of view?
Answers
From a customer's point of view, one of the most important bank regulations is the Depositor Protection or Deposit Insurance. Deposit insurance is a regulatory measure that provides a level of protection to bank customers by guaranteeing the safety of their deposits in case of bank failure.
Deposit insurance schemes vary across countries, but the primary objective is to instil confidence in the banking system and protect individual depositors from potential losses. It ensures that if a bank fails and cannot repay depositors, the government or a designated agency will step in to reimburse depositors up to a certain amount.
This regulation is crucial as it helps maintain trust and stability in the banking system, assuring customers that their funds are safe and reducing the risk of a bank run. It provides a sense of security for individuals and businesses, encouraging them to save, transact, and engage in financial activities with banks.
By having deposit insurance in place, customers can have peace of mind, knowing that even in challenging financial circumstances, their hard-earned money is protected to a certain extent.
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What is financial innovation? Give a few examples for each
type.
Please answer in a few sentences and no bullet points.
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Financial innovation refers to the development and implementation of new financial products, services, technologies, or processes that aim to improve efficiency, accessibility, and risk management in the financial industry.
These innovations can occur in various sectors, such as banking, investment, insurance, and payment systems. They often seek to address specific needs or challenges faced by individuals, businesses, or the financial system as a whole.
One example of financial innovation is the rise of digital payment systems, such as mobile wallets and peer-to-peer payment platforms. These technologies have revolutionized the way people make transactions, offering convenience, speed, and security. Another example is the emergence of crowdfunding platforms, which connect individuals or businesses seeking funding with a large pool of potential investors. This innovation has democratized access to capital, allowing entrepreneurs and creative projects to secure financing from a wide range of sources.
In the investment sector, the development of exchange-traded funds (ETFs) is another noteworthy financial innovation. ETFs are investment funds traded on stock exchanges, allowing investors to gain exposure to a diversified portfolio of assets, such as stocks, bonds, or commodities, in a cost-effective and transparent manner. Additionally, the growth of robo-advisors has brought automated investment advice and portfolio management to a broader audience, leveraging algorithms and artificial intelligence to provide personalized investment strategies at lower costs.
In the lending space, peer-to-peer lending platforms have emerged as a form of financial innovation. These platforms connect borrowers directly with lenders, bypassing traditional intermediaries such as banks. This enables individuals and small businesses to access loans quickly and efficiently, while offering investors an alternative investment opportunity.
Overall, financial innovation continues to reshape the financial landscape, providing individuals and businesses with new tools, services, and opportunities to manage their finances, access capital, and invest in a more efficient and inclusive manner.
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The following data is available for Santos Service Corporation at December 31, 2017: Common stock, par $10 (authorized 100,000 shares) Treasury Stock (at cost $15 per share) $400,000 $ 27,000 Based on the data, how many shares of common stock are outstanding? Seleccione una: O a. 49,880 O b. 40,000 O c. 50,000 O d. 38,200
Answers
The answer is c. 50,000. The common stock, par $10 (authorized 100,000 shares), is the total number of shares the company is authorized to issue.
The treasury stock, at cost $15 per share, is the amount of shares the company has purchased back and is not included in the number of shares outstanding.
Therefore, the total number of shares outstanding is calculated by subtracting the treasury stock from the authorized shares, which is 100,000-27,000= 73,000. Since each share is worth $10, the total value is 73,000*10= $730,000. Therefore, the number of shares outstanding is 50,000.
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As part of your retirement plan, you want to set up an annuity in which a regular payment of $80,121 is made at the end of each year. you need to determine how much money must be deposited earning 10% compounded annually in order to make the annuity payment for 20 years. round your answer to the nearest cent. a. $680,153.78 c. $682,115.24 b. $681,426.87 d. $683,759.64
Answers
As part of your retirement plan, you want to set up an annuity in which a regular payment of $681829.71 is made at the end of each year.
How much money must be deposited earning 10% compounded annually in order to make the annuity payment for 20 years?The calculation of an annuity follows a formula: Future Value of an Annuity =C (((1+i)^n - 1)/i), where C is the regular payment, i is the annual interest rate or discount rate in decimal, and n is the number of year or periods
To calculate the compound interest for a number of years together, we need to multiply P(1+i) to the power of the number of years of the deposit. So we end up with this formula: P (1+ i/n)n. This formula can be used to calculate compound interest that is compounded annually.
To determine the present value of an annuity, you can use the formula:
PV = PMT * [ (1 - (1 + r)^-n) / r ]
Where:
PV is the present value of the annuity
PMT is the regular payment (in this case, $80,121)
r is the annual interest rate (in this case, 10%)
n is the number of payments (in this case, 20)
Using this formula, we can calculate the present value of the annuity:
PV = 80121[1 - (1 + 0.1)^- 20]/0.1
PV = 80121[1 - (1.1)^- 20]/0.1
PV = 80121[1 - 0.149]/0.1
PV = 80121[0.851]/0.1
PV = 80121 × 8.51
PV = $681829.71
So, $681829.71 would need to be deposited earning 10% compounded annually in order to make the annuity payment of $80,121 for 20 years.
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Describe three reasons as to why GM builds cars in China. Should GM do what the USA President wants and move production of cars sold in China from China to the USA? Explain.
Answers
Answer:
Three reason why GM build cars in China:
China has lower labor costs. This is the main reason, a Chinese worker earns a lot less than an American worker, and this results in a substantial cost reduction for GM.
China has important economies of scale. The United States also has important economies of scale, but China may have the edge in some economic sectors.
Finally, the third reason is that China has very good infrastructure like trains, roads, and ports, and this facilitates the logistics for GM.
If the president wants GM to move production back in the US, GM could demand better infrastructure (labor costs cannot be lowered, and the economies of scale are already there), and perhaps other complementary incentives like corporate tax reductions, or even subsidies.
a form of symbiosis in which both participants benefit isa. Mutualismb. Parasitismc. Predationd. Symbiosise. Commensalism
Answers
A form of symbiosis in which both participants benefit is called mutualism.
What is symbiosis? Symbiosis is a close relationship between two different species in which at least one of the species benefits. Symbiotic interactions can be either beneficial or harmful to the organisms involved. The five major types of symbiosis are mutualism, commensalism, parasitism, amensalism, and competition.In mutualism, both participants benefit from the relationship, as stated in the question. Mutualism is a type of symbiosis in which both species benefit from the interaction.
Mutualistic interactions are essential for the survival and reproduction of both species, and they have evolved many times throughout the course of evolution. Commensalism: a form of symbiosis in which one participant benefits while the other is neither harmed nor helped. Predation: a form of symbiosis in which one participant benefits (the predator) while the other is harmed (the prey).Symbiosis: a close relationship between two different species in which at least one of the species benefits. Parasitism: a form of symbiosis in which one participant benefits while the other is harmed.
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True or False: On average family businesses survive longer than nonfamily
Answers
The given statement On average family businesses survive longer than nonfamily is True beause, Research has shown that family businesses tend to have a longer lifespan compared to nonfamily businesses.
According to a study by the Conway Center for Family Business, family businesses are more resilient and tend to outlast their counterparts because they have a stronger sense of purpose and a commitment to their family legacy. Family businesses also tend to be more financially conservative, which allows them to weather economic downturns and maintain stability in the long term.
Moreover, the emotional bond and shared values within a family business often translate into a stronger work ethic and a more cohesive team, which can lead to increased productivity and success. However, family businesses also face unique challenges, such as potential conflicts between family members and difficulty separating family issues from business decisions. Despite these challenges, the longevity and success of family businesses make them an important and valuable part of the global economy.
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The storage area is where the merchandise is presented to the customer. True or false
Answers
What is the volume of a box that is 3 m long, 0.5 m high, and 2 m wide?
Answers
People must make choices among available options because people
(A) are irrational
(B) have limited wants
(C) have limited resources
(D) are not provided goods by the government
(E) do not receive positive benefits from consuming certain goods
Answers
Answer:
I Believe its E but im not sure...
Explanation:
Sorry if im wrong hope this helps!!
When Procter & Gamble introduced Crest toothpaste, the first fluoride toothpaste, it was intended for use by children and was therefore given a child-appealing bubblegum flavour. Later a fresh, minty flavour was also introduced to appeal to adults. What is this marketing strategy called?
A) Segment marketing
B) Mass marketing
C) Niche marketing
D) Micro marketing
When Procter & Gamble introduced Crest toothpaste, the first fluoride toothpaste, it was intended for use by children and was therefore given a child-appealing bubblegum flavour. Later a fresh, minty flavour was also introduced to appeal to adults. What is this marketing strategy called?
A) Segment marketing
B) Mass marketing
C) Niche marketing
D) Micro marketing
Answers
The marketing strategy used by Procter & Gamble in introducing different toothpaste flavors to target different consumer segments is called Segment marketing
Segment marketing, also known as target marketing or differentiated marketing, is a strategy in which a company divides the market into distinct segments based on different consumer characteristics and needs. Each segment is then targeted with specific marketing efforts, products, and messaging tailored to their preferences. In the case of Procter & Gamble, they recognized the different preferences of children and adults when it came to toothpaste flavors and developed distinct offerings to appeal to each segment. By offering a child-appealing bubblegum flavor and a fresh, minty flavor, they effectively targeted and catered to the preferences of both children and adults, maximizing their market reach and potential sales. This approach demonstrates the use of segment marketing to effectively capture different consumer segments with tailored product offerings.
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4. Use the Internet to find an online job posting. Try searching a site like careerbuilder.com or monster.com. Then complete the items below. a. List the link to the posting. (1.0 point) b. List at least two requirements of the job. Complete sentences are not necessary. (2.0 points) c. List at least three tasks that are a part of the job. Complete sentences are not necessary. (3.0 points) d. Write 1-2 sentences explaining why or why not this job would be a good fit for you (2.0 points)
Answers
Answer and Explanation:
Hello. Brainly does not allow links to be placed in responses, which makes it impossible for me to answer your first question. However, you can find this job vacancy in the careerbuilder when searching for Internet / BDC Director.
Two requirements that this job vacancy requires of possible candidates are: Knowledge of management of social networks and experiences with online sales.
The individual who is interested in this job vacancy, if hired, will have to carry out online and face-to-face sales, perform administrative functions and perform customer service whenever necessary.
This job is not a good option for me, because I have no experience in sales, but this is a very promising job vacancy, with a fair salary and benefits, I believe that if I had the requirements, I would do very well in this type of job.
Answer:
1. https://www.careerbuilder.com/job/J337WK6Y75401Z09WZ9
2. · Ideal to have 1 year experience as a pharmacy technician coordinating activities in an administrative support function.
· Must have valid Pharmacy Technician License
3. Working with patients to explain and educate on medical questions
· Tracking and logging vaccination details into EMR (electronic medical records system)
· Assisting Pharmacist as needed
4. This job would be a good fit for me, because I am compassionate, patient, and pay attention to detail. My mathematical skills are excellent, and like working with a team of health care professionals.
Explanation:
Which is an example of a small business showing social responsibility to individuals within the company?
A. starting an office recycling program
B. developing sustainable business practice
C. donating money to local organizations
D. allowing employees to work from home
Answers
Starting an office recycling program, developing sustainable business practice and donating money to local organizations are examples of a small business showing social responsibility to individuals within the company.
Company have a social responsibility to the communities in which they operate. This includes ensuring that they are good corporate citizens, providing support for local causes and charities, and protecting the environment.
Sustainable business is a term that is often used to describe businesses that are environmentally friendly or that have a positive social impact.
Hence, the correct options are "A, B & C".
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In routine problem solving, the number of external information sources used is typically which of the following?a. noneb. a fewc. there is wide variationd. manye. one
Answers
The correct answer is a. none.In routine problem solving, the number of external information sources used is typically.
When purchasing a new, pricey, or seldom purchased item, consumers engage in lengthy problem solving. Consumers have the option to search internally or outside throughout the information search phase. A buyer's memory, knowledge of the good or service, and particular alternatives they can recollect are all used in an internal search. Consumer engagement in the external information search process is influenced by things like price and the significance of the product. The desire for cognition is a personality trait that connects the urge to promptly act with the need to examine alternatives.
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How do I reboot my email program?
Answers
To reboot the email programs open options, select apps, From the list, choose the Calendar and Mail app. Select the link for advanced options. Link to the app's advanced options.
Select "Reset" from the menu. Reset the Windows 10 Mail app. To confirm, click the Reset button once more.
Why doesn't email work anymore?Email may stop working for a variety of reasons, including incorrect email passwords and settings. However, checking for any error messages on your end is the first step in determining the problem with your email.
What is the name of an email program?A computer program that is used to access and manage a user's email is known as an email client, email reader, or, more commonly, a message user agent (MUA) or mail user agent.
What does the email program do?The internet-based exchange of computer-stored messages between one user and one or more recipients is known as electronic mail. Emails are a quick, low-cost, and easy way to communicate for personal or business purposes.
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The taylor rule puts _________ as much weight on closing the unemployment gap as it does on closing the inflation gap.
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Taylor's rule puts double weight on closing the unemployment gap in comparison to the inflation gap.
What is inflation?Inflation is the scenario where the price of goods or services is increased in such a way that results in decreasing the purchasing power of people.
The focus of Taylor's principle is to close the gap in unemployment by much double weight in contrast with the gap in inflation. It wants that the unemployment gap should be twice the inflation gap at the time of closing.
Therefore, the twice weight should be put up on unemployment as suggested by the rule of Taylor.
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