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just olya [345]
3 years ago
6

Karen has been a buyer for Ocean Mist, a large cranberry processor, for several years. Believing that she knows a great deal abo

ut cranberries, their growers, and processors, she decides to go into business for herself. Karen wants to assume no risks of spoilage or price fluctuations. She sees herself as simply bringing the growers and processors together. Her new company would be a:______
A) Sales agent.
B) Commission merchant.
C) Broker.
D) Sales branch.
E) Sales office.
Business
1 answer:
Ganezh [65]3 years ago
6 0

Answer:

The answer is letter C, Broker.

Explanation:

In order to know whether Karen's company is a broker. It would be best to define what "Broker" is.

In business, <em>"broker" is defined as a person or a company who acts as a mediator between a buyer and a seller. As an agent, the broker gets commission in every business transaction. He can also represents himself as the buyer or the seller. At this point, he also gets a certain commission. </em>In the situation above, Karen arranges the transaction between the growers and processors of cranberries. At this point, she is acting as a seller and a buyer. She does this on behalf of the other firms. Thus, the answer is letter C, Broker.

<u>Additional Information</u>

Sales Agent- a self-employed salesperson who usually works alone. He obtains orders for companies and receives commission on those orders.

Commission Merchant- a person who buys and sells products. He receives commission for the sales price.

Sales Branch- an independent business which purchases merchandise in bulk from manufacturers. He then processes it and redistributes it to retailers.

Sales Office- this is a location that is used for the purpose of selling. It is often leased.

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The gross earnings of factory workers for Dinkel Company during the month of January are $400,000. The employer's payroll taxes
kari74 [83]

Answer:Please see answers in explanation column

Explanation:

a) Journal to record factory labor cost

      Account titles and explanation        Debit                Credit

Factory Labor                                             $480,000  

Factory wages payable                                                 $400,000

Employer payroll taxes payable                                  $80,000

Factory Labor=Factory wages payable+Employer payroll taxes payable                                  

= $400,000 + $80,000 =$480,000

b) Journal to transfer factory labour to production

Account titles and explanation                                Debit             Credit  

Work in process inventory(480,000 x 75%) $360,000  

Manufacturing Overhead(480,000 x 25%)          $120,000  

Factory Labor                                                                           $480,000

3 0
3 years ago
The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017, that includ
Aleks04 [339]

Answer:

The Journal entry at the beginning of the year is as follows:

Estimated revenue A/c                      Dr. $1,342,500

Estimated other financing sources-Bonds proceeds A/c Dr. $595,000

To Appropriations control                                                                     $960,000

To Appropriations-Other financing uses-operating transfer outs     $532,500

To Budgetary fund Bal.                                                                        $445,000

(To record entry at the beginning of the year)

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2 years ago
George, an unmarried cash basis taxpayer, received the following amounts during 2016:Interest on savings accounts$2,000Interest
madreJ [45]

Answer:

c. $3,150

Explanation:

The computation of the gross income is shown below:

= Interest on savings accounts + Interest on a State bond + Interest portion of proceeds of a 5% bank certificate of deposit + Dividends on USG common stock

= $2,000 + $600 + $250 + $300

= $3,150

We do not consider the school bonds as it would not be included in the gross income. So, we ignored it

5 0
3 years ago
What does surplus mean in Economics?
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1. Accounts receivable are found on the balance sheet.

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4 0
3 years ago
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