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crimeas [40]
3 years ago
9

Legal fees paid in connection with the purchase of land are $1,500. select between asset or expense (b) Eduardo, Inc. paves the

driveway leading to the office building at a cost of $21,000. select between asset or expense (c) A meat market purchases a meat-grinding machine at a cost of $3,500. select between asset or expense (d) On June 30, Monroe and Meno, medical doctors, pay 6 months’ office rent to cover the month of July and the next 5 months. select between asset or expense (e) Smith’s Hardware Company pays $9,000 in wages to laborers for construction on a building to be used in the business. select between asset or expense (f) Alvarez’s Florists pays wages of $2,100 for the month to an employee who serves as driver of their delivery truck.select between asset or expense
Business
2 answers:
STatiana [176]3 years ago
7 0

Answer:

A.)Legal fees paid in connection with the purchase of land are $1,500 = ASSET

(B.) Eduardo, Inc. paves the driveway leading to the office building at a cost of $21,000 = ASSET

(C) A meat market purchases a meat-grinding machine at a cost of $3,500 = ASSET

(D) On June 30, Monroe and Meno, medical doctors, pay 6 months’ office rent to cover the month of July and the next 5 MONTHS = EITHER ASSET OR EXPENSE

(E) Smith’s Hardware Company pays $9,000 in wages to laborers for construction on a building to be used in the Business = ASSET

(F) Alvarez’s Florists pays wages of $2,100 for the month to an employee who serves as driver of their delivery TRUCK = EXPENSE

Explanation:

There are various distinctions which can be made between asset and expense. However, a very distinct difference between them is that ASSET usually are regarded as those spendings which provides or offers future economic benefit to a company such as equipment purchase while EXPENSE may be classed as those spendings meant to offset a current bill such as salary or wage payment.

victus00 [196]3 years ago
4 0

Answer:

Legal fee paid = Asset

Driveway = Asset

Meat-grinding machine = Asset

Prepaid rent = Asset

Wages for construction of buliding  = Asset

Wages for delivery truck = Expense

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You can fund a four-year college degree by either of the following:

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Loans can be acquired through federal aid or private means. They must be paid back with interest when the student has graduated. They are guaranteed by the federal government.

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3 years ago
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Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Troy is a full-time employee of the c
dlinn [17]

Answer and Explanation:

The tax consequences for the following events -

a. The organization should record the amount of $10,000 in the year 2018 as they followed the cash basis and the cheque should be equal to the cash also troy could not able to record the bonus till it is actually collected

b. As per the accrual basis, the income should be recorded when they are earned not when they are received so the corporation should record the income in the year 2018 as the agent performed the service

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2 years ago
Why is producing a high quality product important to rolls royce ?
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Answer:

So the buyer wants the car.

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7 0
3 years ago
Mr. Rios decided to make a business in his class by selling AP review books for all AP students. His fixed cost to begin the bus
DIA [1.3K]

Answer:

134 books

Explanation:

The breakeven point is the number of units to be sold that will make the total sales equivalent with the total cost, such that the company neither makes a profit nor a loss.

Let the number of units sold to break even be c

5c = 1.25c + 500

5c - 1.25c = 500

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c = 500/3.75

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3 years ago
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Isabella files her income tax return 35 days after the due date of the return without obtaining an extension from the IRS. Along
forsale [732]

Answer:

a. Failure to pay penalty = 400

b. Failure to file penalty = $4,000

Explanation:

The monthly rate for failure to pay penalty is 0.5% while the failure to file penalty.

Since it is assumed that there are 30 days in a month, the 35 days after the due date of the return without obtaining an extension from the IRS is will be counted as 2 months regardless of the fact that the second month is just 5 files when she filed.

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b. Failure to file penalty = ($40,000 * 5% * 2) = $4,000

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Therefore, the total penalty Isabella will pay is $4,000.

5 0
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