Answer:
C.Accounting Identity is: Assets equivalentLiabilities + Owners' Equity.
Explanation:
In accounting identity all variables must balance, if they do not balance according to the equation then there must be an error in formulation, measurement or calculation.
The basic assumption in accounting identity is that the balance sheet must balance. That is assets must be equal to a sum of liabilities and owner's equity.
Asset= Liabilities+ Owners Equity.
This relationship is based on the convention of double entry, for every debit there is an equal credit.
Answer:
Capital Loss
Explanation:
A capital loss occurs when an investment asset decrease in value between the time of purchase and the time for selling. The loss is realized only when the asset is sold. Examples of investment assets that can lose value include stocks, mutual funds, index funds, real estate, and bonds.
A capital gain or loss is the purchase price minus selling price of an investment asset. Capital gain is when the result is positive, implying that the asset has appreciated in value. A capital gain always attracts tax. David experienced a capital loss of $3000 as the selling price was lower than the buying price ($ 4000-$1000).
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Answer:
the equivalent units for :
materials = 106,400
conversion = 104,600
Explanation:
Calculation of the equivalent units for materials
<em>Note : Units of Ending Work In Process are 80% complete as to materials</em>
Units of Ending Work In Process (18,000×80%) = 14,400
Units Completed and Transferred (92,000×100%) = 92,000
Total =106,400
Calculation of the equivalent units for conversion
<em>Note : Units of Ending Work In Process are 70% complete as to conversion</em>
Units of Ending Work In Process (18,000×70%) = 12,600
Units Completed and Transferred (92,000×100%) = 92,000
Total =104,600
Answer:
$200,000
Explanation:
The value of the ocean is the price difference between the two houses
$2,800,000 - $2,600,000 = $200,000
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