Answer:
Cost of merchandise sold = $ 28
Gross profit = $ 13
The ending inventory under the LIFO method = $ 18
Explanation:
Given:
October 5,
Purchased units = 1
Unit cost = $5
on October 12,
Purchased units = 1
Unit cost = $ 13
On October 28,
Purchased unit = 1
Unit cost = $ 15
Total cost of the 3 units purchased = $33
Now, the unit sold on October 31 will be the unit purchased in the end i.e on October 28
thus,
Cost of merchandise sold = $ 28
Gross profit = Selling price of the unit - Unit price of purchase
or
Gross profit = $ 28 - $ 15 = $ 13
now, the ending inventory under the LIFO method = $ 5 + $ 13 = $ 18
Answer:
Option A. Liable, because notice to Emmett is notice to Fridley.
Explanation:
The reason is that the principle is liable for the outcome of the Emmett actions in the principle's behalf. So it is clear that Fridley is liable. The agent have to work in the best interest of its principal which means that the failure to notify the additional tax liability to Fridley was part of agent's fiduciary duty. This means that the principle can sue its agent for the consequences of not placing the sufficient care to its principle.
The Fridley is also responsible because Emmett is acting as Fridley which means the notice to Emmett is actually notice to Fridley.
The answer to your question is true.
This seems like a rather subjective question. Wealth is built over a lifetime with income. Inheritance is definitely one way to become wealthy, so I would say <u><em>True </em></u>
Answer:
Yes this sequence of transaction is considered as a day trade.
Explanation:
As per the definition of the day trading, <em>Day trading is defined as the purchase and sale of a security within a single trading day. It can occur in any marketplace but is most common in the foreign exchange (forex) and stock markets.</em>
As per this definition, the trading has to be done such that the purchase and sale is made on the same day. As indicated in the question ,this is the case so the given sequence of transactions is a day trade.
