Answer:
a. $225, 000
b. $900, 000
c. $140, 000
Explanation:
Ralph Mini-Mart Store in Alpine:
(a) Beginning inventory: this is the value of inventory on hand at the beginning of the financial year. This is the value is the same as the value of ending inventory at the end of the previous financial year. This value includes the value of the inventory and any costs that were incurred to bring the inventory to the organization’s store house.
For Ralph Mini- Mart, beginning inventory = $225, 000 (refer to item 5)
(b) Transfers- In: this is the inventory that was purchased during the financial year. This value will include the cost of the inventory and any other costs that were incurred to bring the inventory to the store house of Ralph’s Mini – Mart. In this instance, the additional cost is the transportation cost of $30, 000 that was incurred to transport the inventory from the supplier to the warehouse.
For Ralph’s Mini – Mart, the Transfers – In = $870, 000 + $30, 000 = $900, 000 (refer to item 3 and 4)
(c) Ending balance: the ending balance is the value of inventory at the end of the financial year. This is the value of inventory that Ralph’s remains with after purchasing inventory from suppliers and selling inventory to customers. This value will take into account any inventory write- downs and obsolescence. In this instance, there has been no inventory write- downs and no inventory obsolescence or thefts.
For Ralph’s Mini – Mart, the value of ending inventory = $140, 000 (refer to item 5)
Answer:
C. People accept it in exchange for goods or services.
Explanation:
Money is a type of thing that is valuable because we know people accept it. Money can be used to purchase goods, and many other things. According to Subjecto.com, " Money can be used to purchase goods and services even though it is no longer backed by gold. Security measures prevent counterfeiting but do not add value." Seeing this, the only answer reasonable is C.
Hope this Helps!!
Answer:
$5,624
Explanation:
Data provided in the question:
Reported schedule C net profits = $5,624
Health insurance premiums paid = $7,545
Long-term care insurance premiums paid = $600
Now,
The total health care premium
= Health insurance premiums paid + Long-term care insurance premiums paid
= $7,545 + $600
= $8,145
But Serena's health care deduction is limited Reported schedule C net profits
Therefore,
Serena’s self-employed health care deduction will be $5,624
Answer:
$3,728,203
Explanation:
Particulars Amount
Cash Received $2,408,400
Add: Mortgage assume by purchaser $1,445,040
Less: Broker's commission ($96,336)
Less: Points paid by Peyton <u>($28,901) </u>
Amount realized <u>$3,728,203</u>
A fixed expense is one for which the amount is <u>same</u>, and it should be considered <u>planning </u> other expenses.
A variable expense is one for which the amount is <u>changing</u> and it should be considered <u>saving </u> fixed expenses.
Discretionary spending is the most <u>irregular</u> budget item and the easiest to change.
Explanation:
Fixed expense - Amount is fixed
Variable expense - Amount is changing as per needs
Discretionary expense - Non-essential budget amount as per wants
Budget - A plan to save and spend expenses or cash-flow and managing them by writing them down regularly
