Answer:
C. $410,000
Explanation:
Administrative and general expenses in Lee's multiple - step income statement is $410,000
i.e the Legal and audit fees $170,000 and Rent for office space $240,000 which will amount to $410,000
Note: General and Administrative expenses are incurred in the day-to-day operations of a business and are not tied to a specific function or department within the organisation.
Answer: The answer is D $300 computer, $240 oven
Explanation:
According to IRS tables on the calculation of depreciation on computer and oven, it is estimated that an asset such as computer will have a depreciation useful life of 5 years
Therefore since computer cost and printer = $1,500, useful life = 5 year
Cost ÷ useful life
= 1,500 ÷ 5
= $300
For oven since the cost =$1,200, useful life = 5years
Cost ÷ useful life
= 1,200 ÷ 5
= $240
Answer: positive cross elasticity of demand.
Explanation: In simple words, cross elasticity refers to the degree of change in the demand of a good with respect to change in the price of another goods.
In case of substitute goods, one good can easily be used in the place of another good. Thus, if the price of one good increases the demand for its substitute good also increases.
Hence from the above we can conclude that substitute goods have positive cross elasticity.
Answer:
The option which is not a task of the bankruptcy trustee is;
Represent the debtor when meeting with creditors
Explanation:
In a case of bankruptcy a bankruptcy trustee is assigned by the court and to whom the case information is handed to perform the following tasks
1) Converts the collected company assets to money
2) Assess the creditors (owed by the debtor) proof of claims
3) Allocate monetary refunds to the creditors
4) Upholds or refuse claimants to specific debts
5) Completes tax and other financial reports that are submitted to government agencies
