Answer:
Unit value would be $24
Explanation:
Lower of cost is the method which is described as where the inventory that should be recorded at the lowest or the net realizable value (NRV). This method is linked with the principle or the guideline of conservatism.
When Ross is applying the method of lower of cost or net realizable value, to the ending inventory, the unit value would the cost per unit that is $24 and the selling price which is to be taken is $9 as it is the lowest.
Answer:
$250
Explanation:
Given that
The cut down worth of the trees = $200
Worth of bookshelves = $250
Worth of lumber = $150
In order to find out the nation GDP, we recognize the final goods i.e book shelves price rather than the intermediate goods i.e trees and the lumber. It only deals with the market price of the goods i.e only with the bookshelves price. So only $250 is the final gods produced
Answer: See explanation below for answer. The options are:
A. $13,000
B. $ 5,000
C. $18,000
D. $14,000
Explanation:
A taxpayer can deduct the medical expenses that have been paid for a child at the time of adoption if the child should qualify as the dependent of the taxpayer when the medical expenses were paid.
In addition, should a taxpayer pay an adoption agency for the medical expenses that the adoption agency has already paid, then the taxpayer is treated as though he/she has already paid those expenses.
In the scenario given above, Mr. and Mrs. Sloan can deduct the child's medical expenses of $5,000 that they have paid.
But on the other hand, the legal expenses of $9,000 and agency fee of $4,000 that were incurred in during the adoption process will be treated as nondeductible personal expenses.
However, Mr. and Mrs. Sloan will be able to claim a nonrefundable tax credit amounting up to $13,570 for these qualified adoption expenses.
Answer:
$ 290,000
Explanation:
$ 120,000 Land cost
<u>Expenses</u>
$ 6,000 Subdividing
$ 36,000 Roads and Utilities
$ <u> 2,000</u> Taxes
$ 44,000 Total
<u>Interest</u>
$ 10,000 2018
$ <u>6,000</u> 2019
$ 16.000 Total
<u>Cost of Each Lot</u>
$ 120,000 Land cost
$ 44,000 Total Expenses
$ <u> 16,000</u> Interest *
$ 180,000 Total Cost
$ 6,000 Each ( $ 180,000 / 30 units ) *
<u>Quantity sold: 30 </u>
$ 6,000 Cost per unit
<u>Sales</u>
10 x $ 35,000 = $ 350,000
<u>Income Statement</u>
Sales $ 350,000
Cost $<u> (60,000)
</u> ( = $ 6,000 x 10 units ) *
Gain $ 290,000 *
<em>* Includes financing costs</em>
Answer:
1) Auto loan - a lot of people take auto loans to purchase their dream car although it considered as a bad debt as a car usually is very expensive.
2) potential debt I wouldn't mind getting into would probably be something for myself aka self development. investing in yourself by borrowing for more education or to consolidate debt. it can increase your ability to save for the future, build wealth, etc.