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Question - Following accounts are related to Galaxy Corporation for the year ended December 31, 2016:
Sales revenue $165,000
Cash $30,000
Accounts receivable 14,000
Selling expenses 44,000
Equipment 42,000
Common stock 41,000
Accounts payable 12,000
Interest income 3,000
Salaries and wages expense 40,000
Cost of sales 51,000
Inventories 22,000
Prepaid expenses 2,000
Income taxes payable 5,000
Income taxes expense 18,000
Notes payable 20,000
Retained earnings ?
Required - Read the information for Galaxy Corporation. Determine the following amounts for Galaxy Corporation:
a) Total assets at the end of 2016
b) Total liabilities at the end of 2016
c) What parties have a claim on Galaxy Corporation' assets? Explain you answer in the terms of the accounting equation.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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