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The correct answer is option D- Cookie jar
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Answer:
Debit Supplies expense $5,661
Credit Supplies account $5,661
Explanation:
At the time of purchasing supplies, the entries includes a debit to supplies accounts, and a credit to cash or accounts payable which is dependent on whether the cash purchased was done via cash or an account
For supplies used, debit supplies expense and credit supplies account. The movement in supplies account over a period is due to purchases and its expressed as;
Opening balance + Purchases - Supplies used = closing balance
$1,693 + $4,413 - Supplies used = $445
$6,106 - Supplies used = $445
Supplies used = $6,106 + $445
Supplies used = $5,661
Answer:
Grease payment
Explanation:
A grease payment is a payment made to a government official with the goal of expediting a transaction, process or request. It can be obtained through extortion from the government official, by voluntary contribution from the non-goverment official, or by mutual agreement, either explicit, or implicit.
In practice, it is essentially the same as a bribe, and the term could be considered a colloquial euphemism.
Answer:
(a) $332,000
(b) $312,000
(c) $760,000
Explanation:
(a) Her realized gain or loss
Mathematically, Realized gain or loss = Amount realized - Adjusted Basis = (120000 + 780000 + 192000) - 760000.
= 1092000 - 760000
= $ 332000
(b) Her Recognized gain.
Mathematically, her recognized gain = Amount received in cash + Amount received in Mortgage = 120,000 + 192,000 = $312,000
(c) Basis of newly acquired office Building.
Mathematically:
Basis of newly acquired building = Fair market value of building - (realized gain - recognized gain) = (780,000)-(332,000-312,000) = 780,000-20,000 = $760,000
Answer: Factory
Vehicles
Equipment
Explanation:· A fixed asset is a long-term tangible asset a company owns and uses in its production activity to earn an income.
The computer isn't a fixed asset to Andrew because he doesn't use it in his production process.
