Timmons Corporation purchases office supplies for $350 cash. Debit Supplies $350, credit Cash $350.
A legal entity is an organization (usually a group of people or a legal entity) authorized by the State to act as a single entity and legally recognized as such for a specific purpose. Early incorporated entities were established by charter. Most jurisdictions now allow the formation of new companies through registration.
A corporation is a business entity owned by shareholders who elect a board of directors to oversee the activities of the organization. A company is responsible for its actions and finances, but its shareholders are not.
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Answer:
Let understand what elastic and inelastic demand is:
- If the small change in price causes heavy change in the quantity demanded then the demand is said to be elastic.
- Opposite to it is inelastic where even there is a very high change in the price but there is not so much effect on the quantity demanded.
Here, Camel cigarettes has a price elasticity of demand which is equal to 6 which means if the price suddenly increased, the quantity demanded will decrease. If any cigarette is having price elasticity of demand less than 2, it means it has less elasticity or if price increases very much then quantity demanded will not be affected so much.
Answer:
Cost per unit under variable costing $
Direct material 110
Direct labour 150
Variable manufacturing overhead <u> 75 </u>
Cost per unit <u>335 </u>
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Cost per unit under absorption costing $
Direct material 110
Direct labour 150
Variable manufacturing overhead 75
Fixed manufacturing overhead ($2,700,000/90,000) <u>30</u>
Cost per unit <u>365</u>
Explanation:
In variable costing, cost per unit is calculated by the addition of all variable costs while in absorption costing, fixed manufacturing overhead application rate is added to the variable costs in order to obtain the cost per unit.
Answer:
a.$0
Explanation:
Adjusted basis is the cost of a property and other related costs incurred in acquiring, maintaining, or upgrading the property.
Fair value represent the worth of a property. It is the amount that one should expect to fetch from the market if they were to sell the property.
The fair value or the worth for Mateo's rental house is $200,000. He obtains another rental house with a fair value of $180,000 and cash $20,000.
He exchanged property worth $200,000 for $200,000
