the tax law treats inventory costs that are multiple choice question. product or period costs as currently deductible period costs as costs that must be capitalized to inventory product costs as costs that must be capitalized to inventory
Answers
Option (d), The tax law treats inventory costs that are product costs as costs that must be capitalized to inventory.
Product costs are treated as costs that must be capitalized to inventory in the tax law.
Inventory costs may be categorized into two types: product costs and period costs. Period costs are non-manufacturing costs that are not directly involved in the manufacturing of a good. In contrast, product costs are costs that are directly involved in the production of goods.
Inventory costs that are product costs must be capitalized to inventory under the tax law. This means that the cost is not immediately deductible and must be deferred until the product is sold. When the product is sold, the cost of goods sold will include the product costs that were deferred. This is because the product cost is considered to be part of the cost of the product sold.
Due to this reason, this option is the correct option: product costs as costs that must be capitalized to inventory.
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Related Questions
What is the difference between using an action button to play an audio file via 'play sound' and an audio clip set up through the Media Group?
Answers
Answer: The action button lets users play the audio file, the sound button will play an audio clip.
Explanation:
The action button lets users play the audio file once it is clicked or has a mouse over action over the assignment button. The sound button will play an audio clip that you have specified in the action settings dialog box.
Name two books of prime entry that are also books of double entry?
Answers
Answer:
Cash payment journal
Petty cash payment journal
Explanation:
What are the five C's of the marketing mix
Answers
The 5Cs in the marketing mix are Company, Collaborators, Customers, Competitors, and Context.
What is a Marketing mix?The marketing mix is the collection of activities, or tactics, that a business employs to market its brand or merchandise.
A marketing framework called the 5C Analysis is used to examine the environment in which a company operates.
Along with risk exposure to various environmental factors, it can shed light on the main success factors. The 5Cs are Company, Collaborators, Customers, Competitors, and Context.
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What is the best definition of technology?
Technology is replacing human workers with mechanical or electronic devices.
Technology is applying scientific knowledge to find answers and fix problems.
Technology is using fewer resources to manufacture goods more efficiently.
Technology is hiring workers from all over the world to manufacture goods.
Answers
Answer:
technology is applying scientific knowledge to find answers and fix problems.
Explanation:
thats what i think. sorry if its wrong
Answer:
EDG: A-Technology is applying scientific knowledge to find answers and fix problems.
Explanation:
Phillipe has two job offers as given below and really has no preference for either company. Compare the total compensations for the job offers and explain which job you think Phillipe should accept and why. Company A Gross pay $62,000 Medical insurance $3,400 Paid time off $8,000 Retirement $2,700 Job expenses $800 Company B Gross pay $60,000 25% of gross pay in employee benefits
Answers
Answer:
Explanation:
He should accept job offer #1 bc it pays more and has more benefits.
For each situation, select one option from below that you think will help increase profit.
These are answers for the question to put on
1.Avoid extra payroll expenses.
2. Get the best rates on advertising.
3.Change the product you provide.
4. Use resources wisely.
5. Beat the competition.
6. Get the best rates on supplier purchases.
7. Eliminate some free services.
8. Increase worker efficiency.
Answers
Four important elements can contribute to profitability. Costs are coming down, turnover is going up, production is going up, and efficiency is going up.
Choose the option from the list below that you believe will help enhance profit for each circumstance.1. Limit additional payroll costs- Increase
2. Find the best advertising prices- Increase
3. Modify the offering you make- decrease
4. Make good use of resources- Increase
5. Outperform the opposition- Increase
6. Find the most affordable supplier prices- Increase
7. Discontinue a few free services - No effects
8. Boost personnel effectiveness- Increase
What does "profit" mean?Profit is the term used to describe the financial gain experienced when the revenue from a commercial activity exceeds the costs, costs, and taxes associated with maintaining that activity.
In accounting, a profit is an income that is given to the owner throughout a successful market producing process. Profitability, which is the owner's primary interest in the income-formation process of market production, is measured by profit. There are various profit metrics that are frequently used.
How are earnings raised?Profitability may be boosted in four important areas. Costs are being cut, turnover is rising, productivity is up, and efficiency is up. You can also diversify into new market segments or create brand-new goods or services.
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Publishers and printing companies are both involved with books, magazines, and newspapers. One type of company is
considered part of the manufacturing section, because it produces the physical product: books, magazines,
newspapers, and so on. What sector does publishing belong to, since it does not produce a tangible product (until
printing transforms it into one)?
O primary, because it makes original content
secondary, because it transforms ideas into physical objects
tertiary, because it provides a service
quaternary, because it involves research
Answers
Answer:
quaternary, because it involves research
Explanation:
A _________________ economy is a system that allows a central authority, typically the government, to make all of the economic decisions.
Answers
A command economy is a system that allows a central authority, typically the government, to make all of the economic decisions.
In a command economy, the government holds significant control over the allocation of resources, production, and distribution of goods and services.
In a command economy, the government determines what to produce, how much to produce, and how resources are allocated. The central authority sets production targets, determines prices, and controls the distribution of goods and services. Individual consumers and businesses have limited influence on economic decision-making.
Command economies are often associated with socialist or communist ideologies, where the objective is to achieve social and economic equality by centrally planning and directing economic activities. Examples of countries that have historically implemented command economies include the former Soviet Union, China under Mao Zedong, and North Korea.
While command economies offer the potential for centralized control and the ability to address social and equity concerns, they can also suffer from inefficiencies, lack of innovation, and limited individual freedom and choice. The absence of market forces and competition can hinder economic growth and responsiveness to changing consumer demands.
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What are the goals of government regulation?
low unemployment, price stability,
economic growth
O high unemployment, price instability,
economic growth
low unemployment, price stability,
economic steadiness
O high unemployment, price instability,
economic steadiness
Answers
Answer: A) low unemployment, price stability, economic growth
Explanation: Government regulation attempts to promote growth, full employment, and price stability for the well-being of the citizens
The goals of an ideal government while making regulations shall include the following purposes,
low unemployment, price stability,economic growth.Therefore, the option A holds true.
What is the significance of government goals?The goals of a government can be referred to or considered as the qualitative and quantitative targets set by the government in order to foresee better conditions in the future. These are backed by economic plans and regulations.
For a developing or a developed government, the goals must be economically based while being regulated. These goals must include reduced poverty and unemployment in order to achieve a healthy economic growth.
Therefore, the option A holds true and states regarding the significance of the goals of a government.
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Develop a resource management procedure for the lodge. Illustrate and explain your procedure
Answers
Planning, assigning, and optimizing resources to fulfil corporate goals is the process of resource management. Here is a resource management procedure for a lodge that includes the following steps:
1. Identify Resources: The first step in any resource management procedure is to identify the resources that are available. In the case of a lodge, this would include things like rooms, beds, linens, towels, food, cleaning supplies, etc.
2. Assess Needs: Once the resources have been identified, the next step is to assess the needs of the lodge. This includes determining how many guests the lodge can accommodate, how many rooms are needed, how much food and supplies will be required, etc.
3. Allocate Resources: After assessing the needs of the lodge, the next step is to allocate resources accordingly. This involves assigning rooms to guests, ensuring that there is enough food and supplies to meet the needs of the guests, and ensuring that staff members have the necessary tools and resources to perform their duties.
4. Monitor Usage: Once resources have been allocated, it is important to monitor their usage. This involves keeping track of how much food and supplies are being used, how many rooms are occupied, and how much staff time is being used. This information can then be used to adjust the allocation of resources as needed.
5. Maintain Inventory: In order to effectively manage resources, it is important to maintain an inventory of all resources. This includes keeping track of how much food and supplies are on hand, how many rooms are available, and how much staff time is available.
By following these steps, the lodge can effectively manage its resources and ensure that guests are provided with everything they need during their stay.
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inflation tends to: group of answer choices decrease input prices reduce the strength of the multiplier increase productivity increase the strength of the multiplier
Answers
inflation tends to reduce the strength of the multiplier.
Because people can only purchase a lesser number of goods and services with the same amount of money during an inflationary period, actual value of money is lost. In other words, inflation lessens the value of money as a medium of exchange.
The rate at which the prices of goods and services in an economy are growing is known as inflation. The effects of inflation, which raises the cost of necessities like food, can be detrimental to society. Once inflation is pervasive across an economy, both consumers and companies share a common fear about the possibility of future inflation.
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what is the purpose of creating a prototype?
Answers
Answer:
Prototypes provide a way to see how a possible product, idea, design, etc., would function in natural environments (not in the lab/workshop), but in the real world. They also can let designers, and those building it see if there are anything that needs to be changed or altered.
which difficulties did builders of the transcontinental railroad find ways to overcome? choose all answers that are correct. a need for workers a need for workers providing supplies to build the tracks and support the workers providing supplies to build the tracks and support the workers lack of money invested by businesses and the government lack of money invested by businesses and the government natural barriers such as mountains, rivers, and forests
Answers
The difficulties builders of the transcontinental railroad overcame include the need for workers, providing supplies, and natural barriers.
The challenges that manufacturers of the cross-country railroad tracked down ways of defeating include:
1. A requirement for laborers: The development of the cross-country railroad required a huge labor force. Manufacturers needed to address this need by selecting workers, which included Irish outsiders, Chinese settlers, and Nationwide conflict veterans.
2. Giving supplies to fabricate the tracks and backing the laborers: Manufacturers needed to guarantee a consistent stockpile of materials, like wood, iron, devices, and arrangements, to help the development endeavors and support the specialists engaged with the venture.
3. Absence of cash contributed by organizations and the public authority: The supporting of the cross-country railroad was a huge test. Developers depended on both confidential venture from organizations and government financing to get the vital capital for development.
They needed to explore monetary obstacles and secure sources of financial support to keep the venture pushing ahead.
4. Regular hindrances like mountains, waterways, and backwoods: The development of the railroad confronted topographical obstructions, including crossing mountains, connecting streams, and clearing thick woodlands.
Manufacturers created imaginative designing arrangements, for example, building passages and extensions, and carrying out reviewing methods to defeat these normal hindrances.
In synopsis, developers of the cross-country railroad needed to conquer difficulties connected with work, supplies, supporting, and regular hindrances to effectively finish this stupendous foundation project.
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Answer: a need for workers
natural barriers such as mountains, rivers, and forests
Explanation: k12 quiz
Failure to mitigate conflicts of interest would violate the ethical conduct standard of: a) Competence b) Confidentiality c) Credibility d) Integrity
Answers
Failure to mitigate conflicts of interest would violate the ethical conduct standard of Integrity.
Integrity is a fundamental ethical principle that requires professionals to act with honesty, fairness, and transparency in all their dealings. It involves maintaining a high level of moral and ethical standards and ensuring that one's actions align with these standards. A conflict of interest arises when a professional's personal interests or loyalties conflict with their professional duties or responsibilities. Failure to disclose or mitigate conflicts of interest can undermine the integrity of the profession and erode public trust in the professional's judgment and credibility. Therefore, it is important for professionals to take steps to identify, disclose, and manage conflicts of interest to maintain their integrity and uphold ethical conduct standards.
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why might it be difficult to measure success using market share?
Answers
Answer: Certified answer
Explanation: Measuring success using market share may be difficult for several reasons. One reason is that market share does not take into account the profitability of a business. A company may have a high market share but still have low profitability due to high costs or low margins. On the other hand, a company with a low market share may be highly profitable due to low costs and high margins.
Another reason why market share may not be a reliable measure of success is that it does not consider the size of the market itself. A company may have a high market share in a small market but still have lower revenues and profits than a company with a smaller market share in a larger market.
Moreover, market share may not account for other important factors such as customer satisfaction, brand reputation, and innovation. A company with a high market share may be losing customers due to poor customer service or a negative brand reputation, which could lead to a decline in future sales.
Finally, market share can be affected by external factors such as changes in the market or economic conditions, which can make it difficult to maintain or increase market share even if a company is performing well in other areas.
Therefore, while market share can be a useful indicator of a company's competitive position, it should not be the only measure used to assess success.
Answer:
Measuring success using market share can be difficult for several reasons:
Market growth: Even if a company's market share remains the same or increases, it does not necessarily mean the company is successful. This is because the overall market might be growing, and other companies may be gaining market share at a faster rate. So, even though a company's market share might increase, its actual sales and revenue might be decreasing.
Market saturation: In mature markets, it may be challenging for a company to increase its market share significantly. This is because the market is already saturated, and there is limited room for growth. In this case, measuring success based solely on market share may not be an accurate representation of a company's success.
Fragmented markets: In fragmented markets with many small competitors, market share might not be an accurate measure of success. This is because a company's market share might be small, but it could still be profitable and successful.
Different market segments: A company might have a large market share in one segment of the market but be relatively insignificant in another segment. In this case, measuring success based on overall market share might not provide an accurate picture of the company's success in specific segments.
Price competition: A company might increase its market share by lowering prices, but this strategy might not be sustainable in the long term. In this case, measuring success based on market share might not be an accurate reflection of the company's profitability or overall success.
Therefore, while market share is an essential metric for companies, it should not be the sole measure of success. Other factors such as profitability, customer satisfaction, and brand reputation should also be taken into account when measuring success.
Accounting for Available-for-Sale Debt Investments (16 pts) On January 1, 2021, Duck, Inc. purchased 2.5% (annual) Bruins (issuer) bonds with a par value of $100,000. The bonds provide the bondholders with a 3% (annual) yield, are dated January 1, 2021, and mature January 1, 2027. Interest is receivable July 1 and January 1 of each year. Duck designates the Bruins bonds in the Available-for-Sale (AFS) portfolio.
Answers
When Duck, Inc. purchases the Bruins bonds, it classifies them as available-for-sale, AFS debt investments.
The AFS classification is used for investments that are not held for trading purposes (short-term buying and selling) or held to maturity (intending to hold until the bonds mature).
Instead, AFS investments are held with the intent of selling them in the future or holding them for an extended period of time.
Here's an explanation of Duck, Inc.'s accounting treatment for the Bruins bonds as available-for-sale debt investments:
Initial Recognition:
On January 1, 2021, Duck, Inc. recognizes the purchase of the Bruins bonds by debiting the AFS investment account and crediting the Cash or Accounts Payable account for the purchase price of the bonds (assuming the purchase was made with cash).
The journal entry would look like this:
AFS Investment $100,000
Cash (or Accounts Payable) $100,000
Subsequent Measurement:
Duck, Inc. will measure the Bruins bonds at fair value on subsequent reporting dates.
Any changes in the fair value of the bonds are recorded as unrealized gains or losses in the other comprehensive income (OCI) section of the financial statements.
The journal entry to record the change in fair value would be as follows:
Fair Value Adjustment - AFS $X
AFS Investment $X
If the fair value of the bonds increases, the Fair Value Adjustment - AFS account is debited, and if the fair value decreases, it is credited.
Interest Income:
Duck, Inc. will also recognize interest income on the Bruins bonds. Since the bonds pay interest semi-annually on July 1 and January 1, Duck will record the interest income accordingly. T
he journal entry to recognize the interest income would be as follows:
Interest Receivable - Bruins $X
Interest Income - AFS $X
Upon receiving the interest payment, the Interest Receivable - Bruins account would be debited, and the Interest Income - AFS account would be credited.
Reporting:
At the end of each reporting period, Duck, Inc. will report the AFS investments on its balance sheet at fair value, typically categorized as a non-current asset.
Unrealized gains or losses on the investments will be reported in the OCI section of the comprehensive income statement.
Interest income from the AFS investments will be reported separately on the income statement.
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The appearance of a résumé can change drastically after it has been scanned. please select the best answer from the choices provided t f
Answers
It is a true statement that the appearance of a résumé can change drastically after it has been scanned.
How does the appearance of a résumé changed?The real appearance of the resume hardcopy can changed because they lighting and texture will be altered because of the lighting using by the scanning machine.
Therefore, It is a true statement that the appearance of a résumé can change drastically after it has been scanned.
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Write down three key takeaways from the History of Credit in America segment.
Answers
The 3 key takeaways from the History of Credit in America segment includes:
Credit history is a record of your debt repayment abilities and of your responsibility for repaying it.It includes the number and types of credit accounts you have credited, the duration of your account's opening, the amount owing, the quantity of available credit, whether you pay bills on time, and the number of recent credit requests.The borrower will earn rewards for strong credit history, like cheaper rates on mortgage loans and automotive insurance.What was the beginning of History of Credit?In the United States, the History of Credit can be far-traced to the first credit card that was issued in the Diners Club card in 1950. The card was used for travel and entertainment and the balance had to be paid every month.
However, In the 1951, the first bank credit card was introduced by Franklin National Bank, based in Long Island, New York.
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Which entities would have the paid in captial in excess account in the equity section of the balance sheet?
Answers
The paid-in capital in excess account is an equity account that keeps track of any extra cash that a company obtains during the stock issuance process.
The account is set up when a business provides additional money by issuing new stock beyond its par value or its initial sale value. Below mentioned are the entities that would have the paid-in capital in excess account in the equity section of the balance sheet:
Corporations: These are businesses that sell stock to the public and raise capital for growth.
Nonprofit organizations: These organizations receive contributions from the public or outside agencies that want to support their mission.
Political organizations: These groups may issue stocks to raise money for political campaigns, for example, for the presidential campaign.
To recapitulate, corporations, nonprofit organizations, and political organizations would have the paid-in capital in excess account in the equity section of the balance sheet. Note that the equity section of the balance sheet refers to that section of the balance sheet that includes the equity accounts that are paid by the company's owners or shareholders.
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Which is an example of E-commerce? A. Hot dog stand B. Cable company C. Online boutique D. Car wash
Answers
An example of an E-commerce is an online boutique.
What is E-commerce?
E-commerce is a business that exists online. For example, if a person establishes sells items on a website or on a social media platform, the person is operating an e-commerce. An example of an e-commerce business is ASOS.
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How do plants obtain the water required for photosynthesis?
Answers
Answer:
from their roots
Explanation:
the roots dig into the ground and absorb water for the plant
Answer:
they obtain their water from the roots of the plant and roots take the water from the soil.
Investment: Securities 1.7. Choose any form of investment and make a presentation in a form of a power Point/ cue cards. Submit your PowerPoint presentation/ Q- cards as evidence to your teacher. Use the following factors to consider when making investment decisions to explain the impact of the form of investment of your choice. S 1.7.1 Liquidity 1.7.2 Risk
Answers
Liquidity and risk are two crucial aspects to take into account when making investment decisions.
The ease with which an investment can be changed into cash without suffering a large loss in value is referred to as liquidity. The liquidity of various investment types varies in various ways.
The uncertainty and possibility of loss connected to investment are referred to as risk. Risk levels are different for various investment vehicles.
The potential for bigger profits on investments with a higher level of risk is also accompanied by a greater likelihood of loss. Although they could offer more consistency, lower-risk investments may also produce lower returns.
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Please help with this question
Answers
Answer:
Number 1: from
Number 2: place
Number 3: information utility
Number 4: Possession
Explanation:
1. Prepare the journal entries for Star Inc. For the month of December: 12/2 Purchased $20,000 of merchandise from Tang Corp., terms 1/20, n/40; FOB shipping point 12/3 The appropriate party paid $150 for shipping costs related to the 12/2 transaction 12/6 Returned $2,000 of merchandise to Tang Corp for credit 12/10 Sold $500 of merchandise to R. Smith, terms 2/10, n/30; cost of merchandise was $120; FOB shipping point 12/11 The appropriate party paid $20 for shipping costs related to the 12/10 transaction 12/18 Received the balance due from R. Smith 12/21 Paid Tang Corp the balance du
Answers
Answer:
1.Purchases (Dr.) $20,000
Accounts Payable (Cr.) $20,000
2.Shipping cost (Dr.) $150
Cash (Cr.) $150
3.Purchase return (Dr.) $2,000
Purchases (Cr.) $2,000
4.Account Receivable (Dr.) $500
Sales (Cr.) $500
5.Freight expense (Dr.) $20
Cash (Cr.) $20
Explanation:
The journal entry at the time of purchase will be recorded as accounts payable for complete invoice amount and discount is not incorporated in the entry because it is not realized. The adjusting entry will be recorded when the discount is availed to adjust the transaction and reflect the discount effect in the book of accounts.
What is the maximum amount of work-related child and dependent care credit that may be claimed for 2022 by a taxpayer who has three qualifying persons?
Answers
The maximum amount of work-related expenses you can take into account for purposes of the credit is $16,000 if you have two or more qualifying persons. But if there is one qualifying person, the maximum amount will be $8,000.
The child and dependent care credit generally can be defined as a tax credit that may help you pay for the care of other dependents (qualifying persons) and also eligible children. The income and a percentage of expenses that you incur for the care of qualifying persons to enable you to attend school, go to work, and also look for work, is calculated to determined the child and dependent care credit.
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How to journalize a bank reconciliation transaction for (1) an EFT credit receipt of rent? (2) EFT debit was an insurance payment?
Answers
To journalize a bank reconciliation transaction for (1) an EFT credit receipt of rent and (2) an EFT debit for an insurance payment, follow these steps:
1. Record the EFT credit receipt of rent:
Debit: Cash (Bank) Account
Credit: Rent Income Account
2. Record the EFT debit for the insurance payment:
Debit: Insurance Expense Account
Credit: Cash (Bank) Account
In a more detailed explanation, when you receive an EFT credit receipt of rent, you need to increase your cash balance by debiting the Cash (Bank) account and recognize the rent income by crediting the Rent Income account.
On the other hand, when you make an EFT debit for an insurance payment, you need to record the insurance expense by debiting the Insurance Expense account and decrease your cash balance by crediting the Cash (Bank) account. This way, you can properly journalize both transactions in your bank reconciliation process.
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A machine was purchased for $500,000 with a residual value of $50,000. The company estimates that the machine will last 5 years and produce 2,000,000 parts over its life. Calculate depreciation expense using the Straight-Line method for the 5-year life. (NOTE: Round your answers to the nearest dollar and enter it enter it WITHOUT decimals, commas or dollar signs [Example 75000].)
Answers
This means that the company will record $90,000 as depreciation expense on the machine in each year of its useful life until it reaches the residual value of $50,000.
The Straight-Line method of depreciation allocates the cost of an asset evenly over its useful life. To calculate the depreciation expense for the machine over its 5-year life, we need to first determine the depreciable cost of the asset. The depreciable cost of the asset is the original cost minus the residual value. In this case, the depreciable cost would be $500,000 - $50,000 = $450,000.
Next, we divide the depreciable cost by the number of years of useful life to calculate the annual depreciation expense. So, the annual depreciation expense for this machine would be $450,000 / 5 years = $90,000. Therefore, the depreciation expense using the Straight-Line method for the 5-year life would be $90,000 per year. This means that the company will record $90,000 as depreciation expense on the machine in each year of its useful life until it reaches the residual value of $50,000.
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Because you greatly dislike a commute that is longer than ten minutes you must find a job that is close to where you live. What is a short commute an example of?.
Answers
Answer:
a need
Explanation:
you need a shorter commute.
A life estate is a person's present right to property ownership and possession in the future. True or false
Answers
A person's present right to future ownership and possession of property is known as a life estate.
A life estate is a piece of property that a person owns and can use for their entire life, typically a house. This individual, called the presence occupant, shares liability regarding property with another person. The remainderman automatically acquires title to the property upon the death of the life tenant.
Most property holders in the US make life domains to stay away from probate, the lawful course of demonstrating a will, and guarantee that the family home goes to the future. A deed is used to establish the life estate, which allows the property's occupants to use it for the rest of their lives. The deed will likewise name the individual who will get the property after the existence occupant's passing.
A daily existence bequest is a type of joint homeownership. A so-called "remainderman" and a life tenant share ownership. The remainderman has an ownership interest, as the name suggests, but cannot take possession until the life tenant passes away. Despite the life tenant's right to live there, the remainderman must consent before the property can be sold or mortgaged.
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the improper practice of requiring the purchase of certain funeral services or merchandise in order to purchase another service or merchandise item is called:
Answers
The flawed exercise of requiring the acquisition of sure funeral offerings or products on the way to buy any other provider or products object is called:Tying arrangements.
The required details about tying arrangement is mentioned in below paragraph.
A Tying arrangements happens when, via a contractual or technological requirement, a dealer situations the sale or hire of 1 products or services at the customer's settlement to take a 2nd products or services.
A Tying arrangements happens when, via a contractual or technological requirement, a dealer situations the sale or hire of 1 products or services at the customer's settlement to take a 2nd products or services.In a tying association, clients also are made to agree now no longer to buy a tied product from any other dealer, it ought to be from the vendor who made the association. This association has but been challenged as unlawful as a few acts condemns its practices. Tying arrangements as defined via way of means of a few acts locations restraint of loose trade, results in unfair marketplace opposition and additionally lessen marketplace opposition.
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