Which of the following is a service-based business? (Select the best answer.)

Employees covered by the overtime provisions of the Fair Labor Standards Act are labeled a. nonexempt employees. b. salaried wor

Whitepunk [10]

Employees covered by the overtime provisions of the Fair Labor Standards Act are labelled as nonexempt employees.

Non-exempt employees are covered by statutory laws and are required to be paid the minimum wage in accordance with the legislation. The requirement of 40 hours of work each week should be used to compute these benefits on an hourly basis. Most of the jobs in this category are probably not management ones.

Non-exempt employees are not exempt from overtime pay and must be paid 1.5 times their regular hourly rate when working overtime. Non-exempt employees often earn less than this amount, but not always as state-specific criteria can vary.

Learn more about non-exempt employees here:

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7 0

2 years ago

Riley Inc.'s charter authorizes 1,000 shares of stock at a stated value of $10 per share. Riley issues 50 shares of stock at its

Alex Ar [27]

Answer:

$500 credit

Explanation:

Given that

Number of authorized shares = 1,000 shares

Stated value per share = $10

Issued shares = 50 shares

Initial offering = $20 per share

So based on above information, the journal entry is

Cash $500 (50 shares × $10)

To Common stock $500

(Being the common stock is issued is recorded)

While recording this transaction we debited the cash account as it increased the asset side and credited the common stock as the equity is increased so that the proper posting could be done

6 0

2 years ago

Demarcus says that he will spend exactly $25 each month on new apps for his mobile device, regardless of the price of apps. Dema

Nostrana [21]

Demarcus's demand for apps is unit elastic

Explanation:

Unit elastic demand is an economic model which assumes that price changes would cause the necessary quantity to be equivalent in proportional.

There is dynamic competition that adjusts proportion to a change in price. A unit elastic demand is a result of price changes because customers have small alternatives that meet their needs.

Likewise, an elastic unit supply results in a price change when near supplies of substitutes are made.

Since a price change in the product corresponds to the same percentage growth in the amount demanded or given, the market elasticity is equal to-1 (Ed= -1) as well as the supply unit elasticity is equivalent to 1 (Es= 1).

3 0

3 years ago

You are scheduled to receive annual payments of $3,600 for each of the next 12 years. The discount rate is 8 percent. What is th

KonstantinChe [14]

Answer:

A. $2,170.39

Explanation:

First, we understand that what we are dealing with is Ordinary annuity which represents payments received at the end of each year

As such, The Present value of Ordinary annuity is calculated using the following formula

= Annuity amount x (1-(1+r)∧-n ) /r

Plugging this formula into the schedule given in the question ew have teh following

First, the present value of the payments received at the end of each year

= $3,600 x (1- (1.08∧-12) / 0.10

= $27,129.88

Secondly, the present valueof the payments received at the beginning of each year

= = $3,600 x (1- (1.08∧-11) / 0.10

= $25,700.27 + $3,600 (the amont recieved today)

Total PV = $29,300.27

Finally, find the difference between the PV of cash flow received at the beginning and PV of Cash flow received at the end=

= $29,300.27- $27,129.88

= $2,170.39

7 0

3 years ago

Five years ago, Tom loaned his son John $20,000 to start a business. A note was executed with an interest rate of 8%, which is t

Citrus2011 [14]

Answer:

The answer is: B) $3,000 deduction

Explanation:

Tom can make only a $3,000 deduction this year since this loss qualifies as a capital loss. He doesn't have any capital gains to offset this loss. Therefore this year he is limited to make a $3,000 deduction against ordinary income and the remainder must be carried over to subsequent years.

6 0

2 years ago