Answer:
Kingbird, Inc
Balance Sheet (Partial) as on December 31, 2020
Fixed Assets
Building $1,150,000
Accumulated Depreciation <u>($646,000)</u>
Net book value of Building $504,000
Goodwill $450,000
Coal mine $495,000
Accumulated Depletion <u>($109,000)</u>
Net Value of Coal mine <u>$386,000</u>
Total Fixed Assets <u>$1,340,000</u>
Explanation:
Fixed assets are all those asset which will be kept by the company more than one year. It is not converted to cash / Sold before one year time. If Company has the intention to sale the asset within one year then it will be classified as current asset.
All the assets are classified as the fixed assets. The depreciation and Depletion are contra asset accounts, these are adjusted against the relevant Assets and Net book value of that assets is reported on the balance sheet.
A mutual fund position that is owned by the individual should be contributed to bring back the position of the advisory firm.
Answer: Option D
<u>Explanation:</u>
Net worth is the value of the firm of all the financial and the non financial assets which the firm owns. The outstanding liabilities of the firm are deducted from the net worth.
Mutual funds have the flexibility where they can manage the cash positions according to themselves. They can be followed by the market speculators and can be used to know the net worth in the market.
Answer:
$86,000
Explanation:
The opportunity cost is an economic concept. It is the cost of the alternative foregone. Accounting profit does not take into cognizance the alternative foregone.
It only considers the explicit cost incurred in the process of making sales or generating revenue.
As such,
Accounting profit = $128,000 - $42,000
= $86,000
Personal qualifications, occupational requirement, responsibilities, financial remuneration (pay) , working conditions.
Days off and vacation flexibility are 2 examples of things that fall under the working conditions category.