Answer:
$44,700
Explanation:
The cost of the truck according to IAS 16 under IFRS would only include any cost incurred in bringing the asset to as location or state where it becomes available for use.
Given cost items;
cash price = $42,000
Accident insurance = $2,900
Sales taxes = $2,700
Motor vehicle license = $100
Painting and lettering = $400
From all the cost items stated above, the cost of the truck
= $42,000 + $2,700
= $44,700
Other cost elements will be expensed.
Taxable income is The amount of your income, after it has been reduced by exemptions, deductions, and credits, that is used to calculate the tax you owe.
Answer:
A
Explanation:
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Consumer surplus = willingness to pay – price of the good
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
Producer surplus = price – least price the seller is willing to accept
Because price is below equilibrium price, consumer surplus would increase and producer surplus would reduce
The budget is $4,240.
There are 164 kittens and 24 puppies.
Let
x = amount spent on each kitten
y = amount spent on each puppy.
The cost for each puppy is twice a much as that for a kitten. Therefore
y = 2x (1)
The available amount is $4,240, therefore
164x + 24y = 4240 (2)
Substitute (1) into (2).
164x + 24(2x) = 4240
212x = 4240
x = $20
y = 2x = $40
Answer: $40 for each puppy.
Answer:
a. $8,900
b. $7,200
c. $2,300
d. $850
Explanation:
<u>Goods Available For Sale Calculation :</u>
Beginning inventory 5,000
Add Net Purchases 3,900
Goods Available For Sale 8,900
<u>Cost of Goods Sold Calculation :</u>
Goods Available For Sale 8,900
Less Ending Inventory (1,700)
Cost of Goods Sold 7,200
<u>Gross Profit Calculation :</u>
Net Sales 9,500
Less Cost of Goods Sold (7,200)
Gross Profit 2,300
<u>Net Income Calculation :</u>
Gross Profit 2,300
Less Expenses (1,450)
Net Income 850
