Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Transactions between the US and the rest of the world are shown below. Use the following information to answer the next 2 questions. US citizens

Transactions between the US and the rest of the world are shown below. Use the following information to answer the next 2 questions.

  1. US citizens spend 50 million dollars visiting China.
  2. American companies sell 30 million dollars worth of stock to foreign investors.
  3. US citizens receive 10 million dollars worth of dividend payments from foreign corporations.
  4. US government buys 5 million dollars worth of bonds.
  5. American citizens purchase 35 million dollars worth of Japanese produced vehicles.
  6. US government buys 18 million dollars worth of gold.
  7. Ford sells 80 million dollars worth of cars overseas.
  8. US corporations receive 4 million dollars in interest from foreign corporations.
  9. US citizens send 16 million dollars in disaster relief to Haiti..

Find the capital account balance (in millions of dollars).

  • 25
  • 21
  • 3
  • 5

Find the current account balance (in millions of dollars).

  • 18
  • -7
  • 9
  • -5

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Carl S. Warren

1st Edition

0538870850, 9780538870856

More Books

Students also viewed these Accounting questions