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12. For a mixed cost, the high-low method determines the breakout between which of the following: a variable element and a fixed element. both operating
12. For a mixed cost, the high-low method determines the breakout between which of the following:
a variable element and a fixed element.
both operating and nonoperating costs.
both retailing and manufacturing costs.
both selling and administrative costs.
13. Select the proper classification for each of the account names provided.
# | Account Name | Classification |
1 | Retained Earnings | [ Select ] ["Owner's Equity", "Asset", "Contra-Equity", "Revenue"] |
2 | Salary Expense | [ Select ] ["Contra-Equity", "Asset", "Liability", "Revenue"] |
3 | Patent | [ Select ] ["Asset", "Liability", "Revenue", "Expense", "Contra-Asset"] |
4 | Utility Payable | [ Select ] ["Liability", "Contra-Equity", "Owner's Equity", "Contra-Asset"] |
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