Simmons llc purchased an office building and land several years ago for $250,000. the purchase price was allocated as follows: $200,000 to the building and $50,000 to the land. the property was placed in service on october 2. if the property is disposed of on february 27 during the 10th year, calculate simmons maximum depreciation in the 10th year: a.$641b.$909c.$5,128d.$7,346e. none of these

Which represents a surplus in the market? a market price equals equilibrium price. b quantity supplied is greater than quantity demanded. c market price is less than equilibrium price. d quantity supplied equals quantity demanded.

How does a business determine the markup on a product or service? by matching the closest competitor by checking online prices by calculating the profit that will keep the business going by considering how much the product is worth to the consumer

A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.