Answer:
$45,000
Explanation:
The Daily Grind sells coffee makers. Its inventory of coffee makers without timers cost $20,000 and has a net realizable value of $10,000. Its inventory of coffee makers with timers cost $35,000 and has a net realizable value of $35,000.
The amount that should be reported for Daily Grind's inventory is the net realizable values which is $10,000 + $35,000 = $45,000
<u>According to International Financial Reporting Standards, inventory should be valued at lower of cost and net realizable value. </u>
<u>Since the cost value of ''inventory of coffee makers without timers'' is higher than its net realizable value, it cannot be used.</u>
Property that the original owner has discarded is abandoned property.
If property is abandoned someone can find it and take it into possession. Although it's rare this can happen, in mainly causes though, most property can not be claimed with ownership without legal documents since most are left with some.
Answer:
Option C
Explanation:
Gross Salary of Jacob = $ 8000
Federal tax paid by him = 10% of $8000 = $800
State tax = 5% of $8000 = $400
FICA rate = 7.65% of $8000 = $612
Net Pay of Jacob = $ 8000 - $800 -$400-$612
= $6188
Hence, option C is correct
Answer:
GDP is likely to remain same as a result of this conversion.
Explanation:
GDP is the total value of goods & services, produced by an economy, during a given year.
It can be calculated by 2 methods
- By Expenditure method : GDP = Private Final Capital Expenditure + Govt. Final Consumption Expenditure + Gross Domestic Capital Formation + Net Exports
- By Income method : NDP = Compensation of Employees + Operating Surplus (Rent + Profit + Income) + Mixed Income
Given case - Converting a rented apartment into a resident owned condominium , with value of housing services = rent formerly paid :
This brings no change in the GDP, as : The apartment 'rent' previously paid was included in 'operating surplus' of national income, by Income method. And, the equal condominium value is now included in investment addition i.e 'Gross domestic capital formation' , by Income method.