Answer:
- Tax status = Ordinary Asset
- Gain = $60,000
Explanation:
As the company expensed the asset fully in the year of purchase instead of capitalizing it, the asset is an ordinary asset not a capital one which is capitalized. That is the tax status.
The gain on an ordinary asset is the amount that it was sold for which in this case is $60,000.
Tax status = Ordinary Asset
Gain = $60,000
Answer:
D. Students don't have to begin repaying until they're done with school.
Answer:
skilled labor
Explanation:
a skilled labor is a person who has a special skill, training, knowledge,and ability in their work
<span>She has fixed costs of $250.
Her variable costs are $1,000 for the first thousand posters,
Her variable costs are $800 for the second thousand
Her variable costs are $750 for each additional thousand posters.
To calculate Average fixed cost that is AFC per poster we need two factors: Total fixed cost = 250 and Number of poster = 1000
So now AFC will be (250/1000) that is 0.25.</span>
Answer:
bad debt expense 45,000 debit
account receivable 45,000 credit
--to record write-off of Leer account--
account receivable 45,000 debit
bad debt expense 45,000 credit
--to record recovery of Leer account--
cash 45,000 debit
account receivable 45,000 credit
--to record collectiong from Leer account--
Explanation:
As it applies direct method when a write-off occurs It decrease the A/R and declares the bad debt expense for the full amount.
If the account is recovered, we reverse the entry and proceed to record the collection like a normal entry.