Answer:
Difference between product cost and period cost is stated as follows:-
- Product cost is experience in the business field only if there is production of products but period cost is the cost that is faced by the organization during the passing of time.
- Product cost has the tendency to vary whereas period cost remains the same or fixed.
- Product cost is considered as the fragment of inventory but period cost is not not included in that.
<u>Example of product cost are</u>:- labor wages, raw material cost etc
<u>Example of period cost:</u>-rent, salary etc.
Answer:
$75,300
Explanation:
The computation of the balance in the land is shown below;
Purchase cost
$460,000
Add:
Demolition of existing building on site
$71,000
Add:
Legal and other fees to close escrow
$12,900
Less:
Proceeds from the sale of demolition scrap
($8,600)
Balance in the land
$75,300
Therefore, balance in the land account as of December 31, 2021 is $75,300
Answer:
Usually regarded as an art in scientific thinking.
Explanation:
Scientific thinking can be described as the process of studying the problem solving skills and thinking plans of different individuals.
Scientific thinking analyses various individual ideas which is derived from their environment and then linked to their different practices.
The different stages involved in scientific thinking include:
1) Making an observation
2) Asking questions.
3) Formation of a hypothesis.
4) Making different predictions which is based on the hypothesis.
5) Testing out the prediction.
6) Utilizing the results to form new hypothesis.
Answer: $30 000 loss is deductible, $20 000 is suspended
Explanation:
Passive losses are only deducted from passive income. deduction is limited to $500 000 for jointly married couples and $250 000 single tax payers.
Passive income is $30 000, therefore $ 30 000 out of the $50 000 loss is deductible, the suspended loss is $20 000
Answer:
.[D] Sue must invest approximately $800,000 per person
Explanation:
Sue requires $ 2000 supplemental monthly income, per person
Interest rate 3 % per year
Requires income per year = $ 2000 x 12 = $24,000
$ 24000, represents 3 % of investments required
i.e. 3/100 %= $ 24,000 per person
0.03% =$24,000
100 % investment =24000/0.03
=$ 800,000.00