1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
TiliK225 [7]
3 years ago
15

Mike is a sole proprietor who buys, sells and repairs kilns and other equipment used in pottery making. He has an arrangement wi

th K&M, a large equipment maker, to sell K&M's kilns in both his own name and in K&M's name and to receive payments from customers. Mike's relationship with K&M is that of a ________________. Group of answer choices a) Independent contractor b) Special agent c) Broker Factor.
Business
1 answer:
Artyom0805 [142]3 years ago
6 0

Answer:

c) Broker Factor.

Explanation:

A broker factor is an agent that sells goods that are from someone else for a comission and this person takes possession of the products that is selling. Also, a broker factor can make a sell in his/her name and has authorization to receive the money from the sale. Because of this, Mike's relationship with K&M is that of a broker factor.

You might be interested in
On April 1, 2015, the City of Southern Ponds issued $3,500,000 in 4% general obligation, tax supported bonds at 101 for the purp
LUCKY_DIMON [66]

Answer:

B) $ 70,000.

Explanation:

Debt service expense

Debt service expense is the interest expense incurred to avail the debt services from another entity.

Debt service expense can be calculated using the following formula

Debt service expense = Face value of Bonds x Interest rate x Semiannual fraction

Where

Face value of bonds = $3,500,000

Interest rate  = 4%

Semiannual fraction = 6 / 12 = 1/ 2

placing values in the formula

Debt service expense = $3,500,000 x 4% x 1/2

Debt service expense = $70,000

3 0
2 years ago
Riemer, Inc. has four departments. Information about these departments is listed below. Maintenance is a service department. If
Norma-Jean [14]

Answer:

a. $3,520.

Explanation:

The computation of the amount of maintenance cost allocated to the Cutting Department is given below:

= maintenance cost ÷ total floor space excluding maintenance cost

= $20,000 ÷ 6,250 × 1,100

= $3,520.

hence, the option is A.$3,520.

The 6,250 comes from

= 1,100 + 2,100 +  3,050

= 6,250

8 0
3 years ago
Cook Company processes and packages frozen seafood. The year just ended was Cook's first year of business and they are preparing
lys-0071 [83]

Answer:

Cook Company

a. The direct labor price variance and the direct labor efficiency variance for the year:

Direct labor price variance =  (Actual rate - Standard rate) * Actual hours

= $247,000 Favorable

Efficiency variance = (Actual hours - Standard hours) * Standard rate

= $94,500 Unfavorable

b. If all variances are written off to the Cost of Goods Sold:

Journal Entries:

Debit Work in Process $247,000

Credit Direct labor variance $247,000

To record the favorable direct labor price variance.

Debit Direct labor variance $94,500

Credit Work in Process $94,500

To record the unfavorable direct labor efficiency variance.

Debit Direct labor variance $152,500

Credit Cost of Goods Sold $152,500

To close the direct labor price variance.

c. The appropriate accounts are not indicated, though they should be Raw materials, Work in Process, and Cost of Goods Sold.  However, the ratios are not given for prorating.

Explanation:

a) Data and Calculations:

Standard direct labor hours per unit = 2

Standard rate per direct labor hour = $27

Production units = 60,000

Ending Finished goods = 4,800

Cost of goods sold units = 55,200

Actual direct labor hours used = 123,500

Standard hours = 120,000 (2 * 60,000)

Actual direct labor costs = $3,087,500

Actual direct labor price = $25 ($3,087,500/123,500)

Standard direct labor costs = $3,240,000 (120,000 * $27)

a. The direct labor price variance and the direct labor efficiency variance for the year:

Direct labor price variance =  (Actual rate - Standard rate) * Actual hours

= ($25 - $27) * 123,500

= $247,000 Favorable

Efficiency variance = (Actual hours - Standard hours) * Standard rate

= (123,500 - 120,000) * $27

= $94,500 Unfavorable

b. If all variances are written off to the Cost of Goods Sold:

Analysis of Journal Entries:

Work in Process $247,000 Direct labor variance $247,000

Direct labor variance $94,500 Work in Process $94,500

Direct labor variance $152,500 Cost of Goods Sold $152,500

($247,000 - $94,500)

5 0
3 years ago
On July 1, 2010, Washington Post paid the par value of $100,000 for 8 percent bonds that mature on June 30, 2015 . Interest at 8
andrey2020 [161]

Answer:

$146.932,81    

Explanation:

You have to calculate the number of years that you have to keep the bond to mature, the answer is 5 years that is the difference between the two dates, now you have to calculate with the interest compound formula the future value of the bond so you have to use the next formula:

Future value = amount of money *((1+ interest rate)^(n))

Where n correspond to the number of years

Note: The interest rate is 8% but is paid each 6 months, it's a reason why you have to multiply n plus 2.

n= 5* 2

n= 10

FV= 100.000*((1+8%)^(10))  

FV = $215.892,50  

According with the information the bond will pay $215.892,50

 

4 0
3 years ago
How many languages in South Africa??​
Vaselesa [24]

Answer:

<em>There</em><em> </em><em>are</em><em> </em><em>1</em><em>1</em><em> </em><em>languages </em><em>in</em><em> </em><em>South</em><em> </em><em>Africa</em><em>.</em><em> </em><em> (Afrikaans, English, Ndebele, Pedi, Sotho, Swati, Tsonga, Tswana, Venda, Xhosa, and Zulu)</em>

4 0
2 years ago
Read 2 more answers
Other questions:
  • One of the four seasons hotel's customer-defined standards is "staff will speak to guests in an attentive, natural, and courteou
    5·1 answer
  • You are considering the following two mutually exclusive projects. The crossover point is _____ and Project _____ should be acce
    15·1 answer
  • How do entrepreneurs contribute to the nation socially
    6·1 answer
  • A(n) ________ is a software platform that uses social media to facilitate cooperative work of people within an organization. sci
    7·1 answer
  • Which of the following is known as a partnership agreement? articles of partnership distribution of assets shared liability the
    8·1 answer
  • Brief Exercise 7-07 Grouper Family Importers sold goods to Tung Decorators for $33,600 on November 1, 2020, accepting Tung’s $33
    6·1 answer
  • Company X has a good whistle-blowing program in place. Sara used the whistle-blowing system to alert the management about a frau
    8·1 answer
  • What degree do you need for a cosmetologist
    10·1 answer
  • What federal agency or agencies is/are responsible for: _______
    8·1 answer
  • Here is economic calendar for the United Kingdom for August 2013, Examine indicators like PMI (Market UK PMI Manufacturing), emp
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!