Answer:
Only Office furniture $4,000 should be reported as the cost basis for MACRS seven-year property by Seafood Inc.
Explanation:
Modified Accelerated Cost Recovery System (MACRS) refers to the US depreciation system under which there is a specific asset group with designated period of depreciation into which fixed assets are placed.
There is a depreciation table for all classes of assets which has been published by the Internal Revenue Service and MACRS seven-year property is one of these classes.
MACRS seven-year property implies that each of the assets under this class has seven years useful life, and assets under this class are office furniture and fixtures, agricultural machinery and equipment, natural gas gathering lines, and any asset not assigned to another class.
From the above therefore, only Office furniture $4,000 should be reported as the cost basis for MACRS seven-year property by Seafood Inc.
Answer:
A staff managerial accountant is part of the mid-level accounting management.
The top position in the chain of command is the Chief Financial Officer, who is in charge of all financial matters within the firm, especially of presenting accurate financial information at the end of the accounting year to management, stockholders, and potential investors.
Directly below him is the controller, an important position in charge of reporting financial statements during the year, and helping gather information for auditors during external audtis.
Below a staff managerial accountant would be lower level accounting who are in charge of bookeeping on a daily basis.
Answer:
time limitations in limited marginal utility; limited income and wealth
Explanation:
Demand curves intersect the quantity axis due to time limitations in limited marginal utility, which explains the second law of demand – the lower the price, the higher the quantity demanded. While it intersects the price axis due to limited income and wealth, which also explains the second law of demand – the higher the price, the lower the quantity demanded.
The marginal utility of a consumer is limited, because, the more of the goods consumed, the amount of satisfaction derived decreases. Hence, the demand curve intersects the quantity axis, indicating the point when the consumer derives no more satisfaction from the consumption of that good.
On the other hand, as a result of limited income of the consumer, it would come to a point when the consumer will not be able to purchase any quantity of the goods as the price increases. The point at which the demand curve intersects the price axis, indicates he point where the consumer income cannot purchase any quantity of the goods.
Rising inventory typically indicate POSITIVE unplanned inventory investment and a SLOWING economy. Positive unplanned inventory usually occur when actual sales are less than expected while negative unplanned inventory occur when real GDP is smaller than planned aggregate spending.
Answer:
B) other firms can enter the market.
Explanation:
In a monopolistically competitive market, there are lots of suppliers that offer differentiated products to lots of consumers, e.g. restaurants. In a monopolistic market, only one supplier exists.
In a monopolistically competitive market the barriers of entry are low, and other competitors can continually enter the market, while it is very difficult for other competitors to enter a monopolist's market.