B) Experimental Exercises
Answer:
A) Inventory is reported as a current asset because it will be converted into cash within a year of the balance sheet date.
Explanation:
The total assets comprise of current assets, fixed assets, and the intangible assets
The current assets include cash, stock, account receivable, etc
Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.
And, the intangible assets include patents, copyrights, goodwill, etc.
The current assets are those assets which are converted into cash in less than one year
If the seller or buyer agrees to a dual agency before it occurs, by indicating the same on the agency disclosure form, it is referred to as a dual agency.
Extended Informed Consent to Dual Authority is provided that the New York agent or seller obtains informed consent to dual authority from both the Buyer and the Seller before the dual authority itself occurs. occurs. In other words, the broker or seller can obtain double agency consent before the double agency actually occurs.
Legally, a dual agency is a real estate agent acting on behalf of both the seller and the buyer in a transaction, or an agent working for the same agent. A broker cannot act as a dual agent in California unless the buyer and seller acknowledge and agree to be dual agents.
Learn more about dual agency at
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Answer:
Mike should complete the repairs and sell off the boat for $800
Explanation:
Mike has already spent $600 purchasing and repairing the boat. He still needs to make an additional repair of $300. This means the cost price of the boat will be:
Cost price = $600 + $300 = $900
Selling price = $800
His loss would be:
$900 - $800 = $100
But without making the additional repair, the boat's worth is $300. This means that
Cost price = $600
Selling price = $300
His loss would be:
$600 - $300 = $300
From the above calculations, if the additional repair is done, Mike's loss would be lesser.
Therefore, the best option Mike should take is to complete the repairs and sell off the boat for $800
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