Answer:
1. a. Days of Personal Use:
= Days stayed personally + Days rented at a discount + Days rented to family
= 19 + 14 + 11 + 12
= 56 days
b. Days of rental use:
= Days rented to third parties at full rate + Days taken for repairs and maintenance
= 72 + 2
= 74 days
2. Deductible tax amount:
= Real property taxes to state government + Property taxes on land held as investment
= 2,700 + 1,430
= $4,130
<em>The Johnsens may not deduct the amount paid for the assessment for the sidewalks as they are considered local benefits much like streets and these are not tax deductible. </em>
Answer:
purchase the same amount as before when the price rises by 10%.
Explanation:
A perfectly inelastic demand curve is basically a straight vertical line. This means that the consumers are willing to purchase the goods or services no matter what their price is. In other words, they will keep buying them at any price, up to infinity and beyond. This is not a real scenario, because no product will be purchased at any price that the seller wants.
Answer:
D) As a disclosure only. No liability is reported
Explanation:
US GAAP requires that probable contingent liabilities (like lawsuits) are disclosed in the footnotes of the financial statements. If it is probable that the liability will exist, in this case that Hillsborough will lose the case, then they must record the contingent liability at its most reasonable amount. If the amount cannot be estimated, then they must record it at its lowest amount. The key word is "probable", since it must be likely that the event occurs in order for it to be recorded in the footnotes.
Answer:
a. Indirect Cost
b. Direct Cost
c. Indirect Cost
d. Indirect Cost
e. Indirect Cost
f. Direct Cost
g. Direct Cost
h. Direct Cost
i. Indirect Cost
j. Indirect Cost
k. Indirect Cost
l. Direct Cost
Explanation:
The first step in determining whether a cost is a direct cost or indirect cost is to identify the cost object. This is very important !
So with Juniors Department selected as the cost object, we then need to identify costs that can be directly traced by observation into the Juniors Department (Direct Cost) and those costs that can not be directly traced to the Juniors Department (Indirect Costs).
