Hi!
<em>Option C is correct.</em>
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Explanation of the choices:
A. - This seems a good choice, however it's not the best choice. Let's come back to it.
B. - This is the best choice because they get to experience first-hand how to manage and make their own money decisions. Choice A might seem good at first, but we can see this is better because they get to make their own decisions and experience hands-on how to do it.
C - This is not a good choice, because it's best to expose children early so they can grow up knowing how to do it.
D - This choice doesn't make sense. What is the point of money if you store it away and don't spend it? This will likely not be a good lesson in the future.
Hope this helps! :D
Answer: Sunk cost
Explanation:
A sunk cost is a cost that an individual, firm or the government has already incurred and therefore can't be recovered anymore.
For example, marketing campaign expenses, rent or the money that is spent on purchasing new equipment can all be referred to as sunk costs as they are past cost and can't be recovered again.
Answer:
Cost of units completed = $176,528
Workings are attached:
Explanation:
Equivalent unit of production
An equivalent unit of production is an expression of the amount of work done by a manufacturer on units of output that are partially completed at the end of an accounting period. Basically the fully completed units and the partially completed units are expressed in terms of fully completed units.
Equivalent units are used in the production cost reports for the producing departments of manufacturers using a process costing system. Cost accounting textbooks are likely to present the cost calculations per equivalent unit of production under two cost flow assumptions: weighted-average and FIFO.
Conversion costs
Conversion costs is a term used in cost accounting that represents the combination of direct labor costs and manufacturing overhead costs. In other words, conversion costs are a manufacturer's product or production costs other than the cost of a product's direct materials.
Expressed another way, conversion costs are the manufacturing or production costs necessary to convert raw materials into products.
The term conversion costs often appears in the calculation of the <u>cost of an</u> <u>equivalent unit in a process costing system.</u>
For the sake of this question, we will be determining the <u>equivalent units of production:</u>
- Units completed and transferred subject to material and conversion costs
- Units in the closing inventory subject to material and conversion costs
- We will then calculate the cost per units with respect to material and conversion costs for the equivalent units.
- These cost per units will enable us to determine the cost of items completed.
Answer:
Luciana’s basis in the condominium is $120000.
Explanation:
The transfer or sale of property by the employer to the employee at less than the fair market value then it is considered as the compensation income or dividend income. However, it should be included in the income. The difference in cost and fair market value ($120000 - $85000 = $35000) is considered as the gross income which is taxable for the year.
Answer:
Cash balance is $85,000
Explanation:
In determining the cash balance of the period, we must know how much is the inflow and outflow of the cash for the period and add it or deduct to the beginning balance. It is simply, beginning balance plus inflows less outflows. February is the first month of the operation of Schwenn Enterprises, that only means the possible beginning balance of the cash is the cash investment. So to further discuss it clearly, let’s do the computation.
Beginning balance on February $100,000
Add: inflow
Cash sales $20,000
Less: outflow
payment on expenses $35,000
CASH BALANCE AT FEBRUARY 28 $85,000
