Hollys DayCare has been in operation for several years. Consider the following costs: Requirement 1. Identify the
Question:
Requirement
1. Identify the costs as variable (V), fixed (F), or mixed(M).
6. Holly's salary. 1. Building rent. 7. Wages of afterschool employees. 8. Drawing paper for student art work. 2. Toys. 3. Salary of office manager, who also receives a bonus based on number of students enrolled. 9. Straight-line depreciation of tables, chairs, and playground equipment. 10. Fee paid to security company for 4. Afternoon snacks. monthly service (contract includes up to four responses in a month; responses over four in a month incur an additional fee per response). 5. Lawn service contract at $200 a month; any extra work needed is billed at an hourly rate based on the time needed to complete the job.
Step by Step Answer:
F 1 Building rent F 2 Toys M 3 Salary of office manager who al...View the full answer
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery, etc. The land is the only exception that cannot be depreciated as the value of land appreciates with time. Depreciation allows a portion of the cost of a fixed asset to be the revenue generated by the fixed asset. This is mandatory under the matching principle as revenues are recorded with their associated expenses in the accounting period when the asset is in use. This helps in getting a complete picture of the revenue
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