1.If James were twice as old as he is now, he'd be three times as old as he was three years ago. How old is James now?

2.What are fixed costs, variable costs and marginal costs.

3..A fixed asset with a cost of $30,000 and accumulated depreciation of $27,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset?

4.The LaPann Company has obtained the following sales forecast data:

July August September October

Cash sales $80,000 $ 70,000 $ 50,000 $ 60,000

Credit sales $240,000 $220,000 $180,000 $200,000

The regular pattern of collection of credit sales is 20% in the month of sale, 70% in the month following the month of sale, and the remainder (10%) in the second month following the month of sale. There are no bad debts. What is the total csh collection budget for january.

5.What is realization in finance

6.From http://uk.businessinsider.com/bank-of-america-fourth-quarter-earnings-q4-2018-1?r=US&IR=T: > Like the other big banks, Bank of America took a hit from the recently > enacted tax law, writing down \\$2.9 billion primarily in deferred tax > assets that declined in value. > > JPMorgan earlier reported a \\$2.4 billion fourth-quarter loss because > of the new tax law, and Citigroup reported a $22 billion loss. My simple minded expectation is that when you lower a tax rate companies should have more money. I tried reading about 'deferred tax assets': https://www.investopedia.com/terms/d/deferredtaxasset.asp Where I found: > The simplest example of a deferred tax asset is the carry-over of > losses. If a business incurs a loss in a financial year, it usually is > entitled to use that loss in order to lower its taxable income in > following years. In that sense, the loss is an asset. So perhaps there is a place for clever accounting around expenses and taxes. But what is the exact mechanism? Why some companies are reporting loss due to the new US tax law

7.What isthe difference between assts and equity

8.How do you teach 10-year-old personal accounting

9.What would be the appropriate account for written off loans to friends and family?

10.In 2017, ABS manufacturing produced and sold 50,000 units of "x" product in their first year. The following info is provided:

Total sales: (50,000 x $80) 4,000,000

Units Produced and Sold: 50,000

Direct Material $35 per unit

Direct labor $10 per unit

Variable Overhead: $5 per unit

Fixed Overhead: $8 per unit

Selling & admin:

Variable S&A $2 per unit

Fixed S&A $10 per unit

Calculate product cost per unit under Variable & Absorption Costing: