A fixed expense<span> is an </span>expense<span> that will be the same total amount regardless of changes in the amount of sales, production, or some other place</span>
A self-liquidating premium is one in which the extra goods is supplied at a discount from the retail price but at a level sufficient to pay the item's cost.
When a consumer is expected to pay a specific monetary value for a gift or item, this is referred to as a self-liquidating premium. Premium Offer refers to value-added items, travel, or services offered to consumers in exchange for purchasing an alcoholic beverage product, also known as "product gift" or "gift with sales promotion.". Small gifts are supplied with the box as an in-or out-of-package premium. A nice example of this is the All Black collectors' cards included in Sanitarium Weet Bix boxes.
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Answer
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Explanation
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Answer:
End of the year closing capital balance will be = $17,500 (CR)
Explanation:
<u>Income Statement</u>
$
Services Revenue $31,000
Wages Expenses ( $17,400)
Rent Expenses <u> ( $5,200)</u>
Profit <u> $8400 </u>
In summary , end of the year closing capital balance will be :
$10,800 (Capital as given) + $ 8400 (Retained Earning)-$1,700( drawings)
=$17,500
Entries include :
Capital Account (CR) $10,800, Drawings Account(DR) $1,700, Director's Current Account (CR) $1700, Cash or Bank (CR) $1700
Retained Earning (CR) $ 8400
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Answer:
$2,562
Explanation:
Excess tax depreciation 20X1 = 20,000 - 9,000 = $11,000
Excess tax depreciation 20X2 = 12,000 - 9,000 = $3,000
Excess tax depreciation 20X3 = 7,200 - 9,000 = <u>($1,800)</u>
Total Excess tax depreciation <u>$12,200</u>
Deferred taxes payable balance,Dec 31. 20X3 = Total Excess tax depreciation * Tax rate = $12,200 * 21% = $2,562 Credit