Answer:
D- income statement accounts are temporary accounts and do not retain their balances from one period to the next.
Explanation:
quizlet
Answer:
E. Fixed Costs
Explanation:
Here are the options to this question :
A. Variable Costs
B. Labor Costs
C. Total Costs
D. Raw material Costs
E. Fixed Costs
Sunk costs are costs that have already been incurred and cannot be recovered. They should not be considered when making future economic decisions.
Fixed cost is cost that do not vary with production. e.g. rent
Most companies pay rent per year. if due to unforeseen contingencies, sales and profit of the company declines and the company decides to shut down production, the company has already paid for rent, this amount cannot be recovered even though the company would not be using the space for sometime. So, rent is an example of sunk cost
Answer:
D) $3,000
Explanation:
Calculation to calculate determine Sybil's tax basis in the stock received in the exchange
Tax basis $5,000
Add recognized gain $1,000
($6,000-$5,000)
Less boot received ($2,000)
Less liability ($1,000)
Sybil's tax basis $3,000
Therefore Sybil's tax basis in the stock received in the exchange will be $3,000
The first thing you need to do when you encounter a product or service you purchased is to make a phone call or go back to the store where you bought the product or service. This way immediate attention will be given to your concern.
If there is a delay in the resolution of your product or service defect, it is better to write a letter of complaint after making a phone call. This is to ensure that your complaint is properly documented.
