Answer:
a. Essential (flexible) expense
Explanation:
Flexible expenses are costs that can be easily and quickly manipulated or avoided unlike fixed expenses. In most cases, flexible expenses change over time.
Examples of flexible expenses can be the household furniture, you can choose to buy a lower-cost one. The types of food also is an example, the price scale of restaurants, etc
Answer:
Oct. 1, investment of $20,000 in real estate business
Dr Cash 20,000
Cr Common Stock 20,000
Oct. 3, office furniture purchased on account
Dr Office furniture 2,300
Cr Accounts payable - office furniture 2,300
Oct. 6, fees charged for real estate services
Dr Accounts receivable 3,600
Cr Fees earned 3,600
Oct 27, partial payment of accounts payable
Dr Accounts payable 850
Cr Cash 850
Oct. 30, salary paid to administrative assistant
Dr Wages and salaries expense $2,500
Cr Cash 2,500
<span>GI Bill contributed to the growth of professional and white-collar jobs </span><span>by granting US veterans benefits to attend universities. The answer is C. </span>
Answer:
d. $80
Explanation:
The computation of the other current assets is shown below:
= Total assets - Net Property, Plant, & Equipment - cash - Accounts Receivable - inventory - Other Current Assets
= $1,870 - $1,080 - $90 - $210 - $410 - Other Current Assets
= $80 - Other Current Assets
So, the other current assets would be $80
And, we know that
Total assets = Total liabilities + total stockholder equity
So,
Total assets = $1,870
Answer:
$106,800
Explanation:
<em>The cost of land includes purchase plus all other costs necessary to bring and make it ready for the intended use. </em>
These costs include purchase cost, fees and commission associated with the purchase transaction.
Further more, included in the historical cost are the net demolition cost of old structure to prepare the land for use. Net cost here means cost of demolition less any incidental proceed from the old structure.
However, remember that land is not depreciated because it has an infinite life span.
So using the historical cost principle the cost of the land
= $96800 + $3700 + $7500 - 1,200
= $106,800