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lina2011 [118]
2 years ago
5

Jonas had a great résumé and a glowing recommendation from his previous employer. Impressed by his qualifications and expertise,

Vizion Tech Inc. hired him for the position of quality analyst. However, he engaged in blatant sexual harassment at Vizion after a couple of weeks on the job. During its investigation of the harassment, Vizion Tech learned that Jonas had been fired for sexual harassment at his previous employer. If the management of Vizion Tech wanted to hold Jonas's previous employer accountable, they could sue the company for
Business
1 answer:
MakcuM [25]2 years ago
5 0

Answer: Misrepresentation

Explanation:

Misrepresentation is known to be incorrect information or declaration about someone or something which a company or someone made to another company. The incorrect information thereby brings about a contract between the other company and the person. If the other company finds out about the incorrect information, the contract will be terminated and the company which gave untrue information might be sued for damages.

Thus, Jonas previous employer gave a false recommendation about him to Vizion Tech Inc.

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The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates
DanielleElmas [232]

Answer:

Stridewell Corporation

Journal Entries:

Debit Cash Account $625,000

Credit Common Stock $625,000

To record the issue of 125,000 shares for cash.

Debit Office Equipment $102,500

Credit Cash Account $41,000

Credit Note Payable $61,500

To record the purchase of office equipment.

Debit Inventory $250,000

Credit Accounts Payable $250,000

To record the purchase of inventory.

Debit Accounts Receivable $425,000

Credit Sales Revenue $425,000

To record the sale of goods on account.

Debit Cost of Goods Sold $212,500

Credit Inventory $212,500

To record the cost of goods sold.

Debit Rent Expense $5,500

Credit Cash Account $5,500

To record the payment of rent for the month.

Debit Prepaid Insurance $2,880

Credit Cash Account $2,880

To record the payment for insurance for a year.

Debit Accounts Payable $180,625

Credit Cash Account $180,625

To record the payment to suppliers on account.

Debit Cash Account $85,000

Credit Accounts Receivable $85,000

To record the receipt of cash from customers.

Debit Dividend $6,250

Credit Cash Account $6,250

To record the payment of cash dividend.

Debit Depreciation Expense - Office Equipment $2,050

Credit Accumulated Depreciation - Office Equipment $2,050

To record depreciation expense for the month.

Debit Insurance Expense $240

Credit Prepaid Insurance $240

To record insurance expense for the month.

Explanation:

Stridewell's insurance expense that expired for the month is obtained by dividing the Prepaid Insurance by 12 since it is for one year.  Thus, Stridewell obtains $240 ($2,880/12) as the expense for the month.  The balance remaining in the Prepaid Insurance is a current asset which is carried into the next month.

Journal entries help us to identify the accounts involved in each Stridewell's transaction and the account it should debit and the one it should credit. They are the initial record made by Stridewell in its accounting books for each business transaction.

7 0
3 years ago
True or False: If Hubert's Fire Engines were a competitive firm instead and $100,000 were the market price for an engine, decrea
KatRina [158]

Answer:

False

Explanation:

In a perfectly competitive market the sales revenue is based on pricing also. As the pricing policy also plays an important role in the marketing technique to attract customers.

As the quality served is generally the same in the market, there is no issue in that but when the price is reduced expected sales will increase and accordingly the expected revenue also increases.

As the sales is expected to increase the revenue will also increase accordingly, even though the price is reduced, due to increase in sales quantity the expected change shall not be same as that of the change in price.

Thus, the statement is False.

5 0
3 years ago
A manufacturer is contemplating a switch from buying to producing a certain item. Setup cost would be the same as ordering cost.
Flauer [41]

Answer

D) compared to the EOQ, the maximum inventory would be approx 30% lower.

Explanation

EOQ = √(2*Co*D/Cc)

EPQ= √ (2*Co*D/(Cc*(1-x)))

x=D/P

D = demand rate

P =production rate

Co=ordering cost

Cc=holding cost

1) The production rate would be about double the usage rate.

hence, P = 2D

x=D/2D=0.5

EPQ= √ (2*Co*D/((1-0.5)*Cc))

EPQ= √ (2*Co*D/0.5Cc)

EPQ=√ (1/0.5)*EOQ

EPQ=√ (2)*EOQ

EPQ=1.41*EOQ

Hence, EPQ is around 40% larger than EOQ.

Ans.: c) EPQ will be approximately 40% larger than the EOQ.

2) Compared to the EOQ, the maximum inventory would be

maximum inventory = Q

EPQ = 1.41 EOQ

EPQ = 1.41*Q

Q=EPQ/1.41

Q=0.71 EPQ

Hence, compared to EOQ, maximum inventory in EPQ is only 70% of that in EOQ model.

4 0
3 years ago
In need of extra​ cash, Troy and Lily decide to withdraw ​$2 comma 100 from their traditional IRA. They are both 40 years old. T
krek1111 [17]

Answer:

Calculate the tax consequence of withdrawal from retirement account.

T and L are 40 years old and decide to withdraw $2,100 from their IRA. They lie in a 35% marginal tax bracket.

Analysis

They are withdrawing some amount from their retirement fund. They have to pay the tax and penalty for early withdrawals from the retirement fund. The withdrawal amount is $2,100 so they have to pay tax on it. The tax rate will be 35% which is their marginal tax bracket.

Calculation of tax consequences if withdrawal amount is $2,100:

Ordinary income tax amount calculates by multiplying the withdrawal amount with the ordinary tax rate.

= $2100 × 35%

= $735

The withdrawal amount attracts the 10% penalty. So, the penalty amount is calculated as follows: Penalty on withdrawn funds calculates by multiplying the withdrawn funds with the percentage of penalty.

= $2100 × 10%

= $210

(NOTE: - T and L have to pay ordinary income tax along with the penalty on their withdrawal because they are withdrawing funds from their IRA before age 59.5.)

Total expenses include the tax amount and penalty charge on withdrawal amount. So, it is calculated as follows:

Total expenses =$735 + $210

Total expenses = $945

Conclusion

Therefore, T and L would incur a tax of $945 on their withdrawal. This $945 is the sum of income tax amount and penalty on withdrawal balance.

8 0
3 years ago
Compute the Cost of Goods Manufactured and Cost of Goods Sold for Strike Marine Company for the most recent year using the amoun
Alecsey [184]

Answer:

Instructions are below.

Explanation:

<u>First, we need to calculate the direct material used and the manufacturing overhead:</u>

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 22,000 + 74,000 - 34,000

Direct material used= $62,000

Manufacturing overhead:

Insurance on plant $9,500

Depreciation-plant building and equipment 12,600

Repairs and maintenance-plant 3,900

Indirect labor 42,000

Total overhead= $68,000

<u>Now, we can determine the cost of goods manufactured:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 41,000 + 62,000 + 88,000 + 68,000 - 27,000

cost of goods manufactured= 232,000

<u>Finally, the cost of goods sold:</u>

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 13,000 + 232,000 - 21,000

COGS= $224,000

3 0
2 years ago
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