Answer: The opportunity cost of producing 1 apple will be 1 orange.
Explanation:
Opportunity cost is defined as the loss or cost of another alternative when another alternative is being chosen by an economic agent.
In this scenario, the opportunity cost of producing every additional apple will be 1 orange due to the fact that as there's an increase in the production of apple from 80 to 90, there'll be a reduction in the production of orange from 30 to 20.
This indicates that for the increase of 10 apples, there's a reduction of 10 oranges which implies that an increase of 1 apple brings about a reduction by 1 orange.
Answer:
$36,000
Explanation:
Given that,
Beginning retained earnings = $22,000
Beginning Common Stock account = $30,000
Net income = $24,000
Dividend declared and paid = $10,000
Ending retained earnings:
= Beginning retained earnings + Net income - Dividends paid
= $22,000 + $24,000 - $10,000
= $36,000
Therefore, the amount of its retained earnings at the end of the year would be $36,000.
Answer: Option C
Explanation: In simple words impairment loss means there is reduction in the goodwill account. It is calculated as follows.
1. First the fair value of goodwill is compared with its carrying value.
2. If the fair value comes to be less than carrying value then impairment loss is calculated by subtracting fair value from carrying value.
Thus, impairment loss will be calculated only if the fair value of the asset is less than its carrying value.
Answer:
Explanation:
In 2019, the gross income test is an official order that all dependents have no right to earn more than a given amount of income each year which is ($4200).
To compute the gross income for James Father, we have:
Description Amount
Gross income for rents $3000
Municipal Bond Interest 0
Dividend Income $1500
Social Security: 0
(since social security is exempted from the gross-income dependency test;
The total gross income = $4500
Thus, the gross income for James Father is $4500 as such he is not qualified to be dependent.