Inventory on hand is considered
A) a current asset.
B) a current liability.
C) a long-term asset.
D) an expense.
A
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The recording of data falls under which stage of accounting?
A) Measurement B) Processing C) Communication D) Decision making
For each of the following situations, determine whether the item is deductible, how it would be deducted on the taxpayer's return (if there are alternatives possible, discuss the conditions that would determine the treatment), and any limitations that might be placed on the deduction. a.Allison is self-employed. She pays the following taxes during the current year: State income tax$1,200 Federal income tax4,000 Self-employment tax3,200 Property tax on residence700 Tax on business equipment200 b.A customer who owed Leon $5,000 declared bankruptcy last year. At that time, the customer's accountant estimated that only 40% of the customer's debts would be paid. In the current year, Leon receives $1,000 from the bankruptcy court as final payment on the $5,000 debt.
What will be an ideal response?
Richardson Auto Supplies reported the following income statement for the year ended December 31,2017
Richardson Auto Supplies Income Statement Year Ended December 31, 2017 Sales Revenue $ 426,500 Cost of Goods Sold Beginning Merchandise Inventory $ 36,000 Net Cost of Purchases 273,800 Cost of Goods Available for Sale 309,800 Less: Ending Merchandise Inventory 41,100 Cost of Goods Sold: 268,400 Gross Profit 158,100 Operating Expenses 122,600 Net Income $ 35,500 Compute inventory turnover rate for the year. (Round to two decimal places.) Compute days' sales in inventory for the year. (Round to two decimal places.) What will be an ideal response
Explain why in practice arbitrage-free models are typically used rather than equilibrium models
What will be an ideal response?