The correct answer is C,
A good is said to have an inelastic supply if the suppliers did not have any choice than producing it even though the cost of production is high and the buyers did not have any choice than buying it even though it is expensive.
No one can do without shoes, even if they are expensive, we still need to buy them.
Answer:
Fixed and Variable cost:
Fixed cost are the costs which cannot be changed with change in the level of goods and services sold or produced.
Variable cost are the costs which changes with change in the level of output produced and sold.
Product and Period cost:
Product costs are the costs which are incurred for making the product such as direct material, factory overhead and direct labor, etc.
Period costs refers to the cost which are incurred for a certain period of time. It is normally associated with the time period than with any type of transactional event.
Therefore, the classification of items is as follows:
(a) Variable cost - Product cost
(b) Variable cost - Product cost
(c) Fixed cost - Period cost
(d) Fixed cost - Period cost
(e) Fixed cost - Period cost
(f) Fixed cost - Period cost
(g) Variable cost - Product cost
(h) Fixed cost - Period cost
(i) Fixed cost - Period cost
Answer:
The answer is given below;
Explanation:
The adjusting entry will be;
Income Statement Dr.$5,000
Inventory Cr.$5,000
As the NRV is less than cost,therefore difference amount will be charged to profit and loss account.
Answer:
If the ball goes over the goal line (end line), but not into the goal, and was last touched by the attacking team, it is put back into play by the defending team with a goal kick.
Answer:
a. The earliest date that Mitchell can acquire a new restaurant and qualify for § 1033 postponement is March 12
b. On June 30
Mitchell purchases land and a building for $610,000
Recognized gain = Condemnation proceed - Adjusted basis
= $625,000 - $450,000
= $175,000
Mitchell's recognized gain is limited to $625,000 - $610,000 = $15,000
Thus, Mitchell's recognized gain is $15,000
c. Adjusted basis for the new land and building = Cost of land and building - Postponed gain = $610,000 - $160,000 = $150,000. Thus, adjusted basis for the new land and building purchase by Mitchell is $450,000
d. Realized gain = $625,000 - $450,000 = $175,000. Thus, the unrealized gain by not option for section § loss = $175,000 and the adjusted basis for new land and building is $610,000
e. Under the section § 1033 , as no replacement property to purchased. Mitchell's recognized gain = $175,000
