For the transactions given determine if they contribute to the calculation of GDP as total spending and categorize them according to GDP component (Consumption, Investment, Government purchases, or Net exports). Consumption Investment Government purchases Net exports Not counted in GDP as final spending
1. American consumers import $3.5 billion of woven apparel from Bangladesh.
2. The U. S. government spends $523.1 billion on national defense.
3. Entrepreneur and Shark Tank investor Barbara Corcoran purchases 15% of Cousins Maine Lobster food truck company for $55,000.
4. Molly Maid provides house cleaning services across the United States.
5. Michelin sells tires to Nissan to install on their 2019 Sentras that are produced and sold in the United States.

A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.