7. Which of the following assets will not be ted over its service (a) Buildings.

Question

7. Which of the following assets will not be ted over its service (a) Buildings. (b) Furniture. (c) Land. (d) Equipment. 8. Selling and administrative expenses include (a) Salaries (b) Rent. (c) Utilities. (d) All of the above. 9. The calculation of operating profit may include three of the fo four expenses. Which one is not included? (a) Rent payable. (b) Depreciation. (c) Loan interest. (d) Insurance. 10. Suppose John commenced business on 1 January, 2016. During ending 31 December, 2016, he bought a quantity of leather shyear uniform cost and sold 5,800 of them at $50 each. An invento 31 December, 2016 established he holds 650 unsold pairs. John's profit for the year was $116,000. How much was the cost of a 2 shoes at a ry check on shoes? pair of (a) $20. (b) $30. (c) $27 (d) $35.

Explanation / Answer

7
Land is not depreciated Hence c is correct

8
All are included in SGA hence d is correct

9
Interest on loan is not considered hence c is correct

10

Hence c is correct  

Total sold 5150 Revenue 257500 GP 116000 COGS 141500 Per unit 27.47573

Related Questions

Navigate

• Browse (All)
• Browse 7
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.