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olga nikolaevna [1]
3 years ago
14

Stephen Hemmerling was a driver for the Happy Cab Co. Hemmerling paid certain fixed expenses and abided by a variety of rules re

lated to the use of the cab, the hours that could be worked, and the solicitation of fares, among other things. Rates were set by the state. Happy Cab did not withhold taxes from Hemmerling's pay. While driving the cab, Hemmerling was injured in an accident and filed a claim against Happy Cab in a Nebraska state court for Worker's Compensation benefits. Such benefits are not available to independent contractors. On what basis might the court hold that Hemmerling IS an employee? Explain fully.
Business
1 answer:
KIM [24]3 years ago
3 0

Answer and Explanation:

The court can hold that Hemmerling is an employee of the Happy Cab Co. in several cases:

1) The standard operating procedures followed by Hemmerling that is stated by Happy Cab Co. such as abiding by variety of rules, the hours he could work and solicitation of fares.

2) Hemmerling also paid fixed expenses and the car provided by the cab company suggest that he works for the company just like any other employer employee relationship.

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Bower Company purchased Lark Corporation’s net assets on January 3, 20X2, for $632,000 cash. In addition, Bower incurred $9,000
Vitek1552 [10]

Answer:

<em>Preparation of Journal Entries</em>

<u>Date                      Particulars                                  Dr($)                Cr($</u>)

January 3, 20x2      Cash & Receivables              57,000

                                 Inventory                                165,000

                                Buildings & Equipment           307,000

                                Patent                                       203,000

                                Account Payable                                               20,000                                                

                                Purchase Consideration                                    632,000                                                                  

                               Gain on Purchase Bargain                                  80,000                                

                              <em> (Being purchase of Lark</em>

<em>                                Corporation`s net assets)                                                                      </em>

<em />

<em>Recording of merger costs.</em>

(Debit)  Cash                                                             $9,000

(Credit)  Merger Expenses                                       $9,000

Recording of acquisition of Lark Corporation`s net assets

(Debit)  Investment in Lark`s net asset                    $712,000

(Credit)   Cash                                                            $632,000

(Credit)  Gain on Purchase Bargain                          $80,000

<em />

Explanation:

When acquiring another business, net asset (Total Assets - Total Liabilities) is valued at fair value (sometimes called market value, not book value.  Hence, the reason why the fair value of Lark`s assets and liabilities was used in the calculation above. So the net assets  ($57,000+$165,000+$307,000+$203,000 - $20,000) = $712,000.

After, calculating the net assets of the Lark, the purchase consideration given by Bower Company has to be removed from the net asset, in order to get the goodwill or gain on purchase bargain on the acquisition. The formula is Purchase consideration - Net assets of the target company = Goodwill (Gain on purchase bargain). If the purchase consideration is higher than the net assets, then goodwill is obtained. If the purchase consideration is lower than net assets acquired then, gain on purchase bargain is obtained.

In Bower`s case, gain on purchase bargain is obtained because net assets is  greater than purchase consideration ($632,000 - $712,000).

<em>Merger cost</em>

Merger cost is not considered as part of purchase consideration. The merger cost is taken to income statement of Bower Corporation as expense.

3 0
3 years ago
The hyrbrid automobile grew out of automobile designers' realization that there were changes in the legal environment regarding
MrRa [10]

Answer: True

Explanation:

Hybrid cars use both electricity and gasoline motors and engines. The concept behind this is that the electricity gives the car better acceleration and the gasoline then maintains it.

Developed countries tax gasoline due to its emissions but don't really tax electricity. On realizing this, designers recognized that they could combine both gasoline and electricity to create hybrids that would decrease the cost of taxation of using gasoline.

5 0
3 years ago
Earnings on principal is called interest. True False
enyata [817]
True

Mark as brainliest plz.
8 0
3 years ago
Suppose you own 500,000 shares of common stock in a firm with 40 million total shares outstanding. The firm announces a plan to
Roman55 [17]

Answer:

62,500 shares

Explanation:

common stock = 500,000 shares

Total shares outstanding = 40 million

Percentage of existing holding:

= (Shares of common stock ÷ Total shares outstanding) × 100

= (500,000 ÷ 40,000,000) × 100

= 1.25%

New shares that can be purchased:

= Number of new shares sold × Percentage of existing holding

= 5 million × 1.25%

= 62,500 shares

6 0
3 years ago
Which of the following focuses on the ability of a company to earn profits? Select one: a. The inventory turnover b. The quick r
Ahat [919]

Answer:

c. The return on total assets

Explanation:

The inventory turnover deals with the turnover of inventory during the period i.e in how many times the inventory is sold or rejected or replaced, etc

The quick ratio checks the liquidity position of the company

The return on total assets refers to the profit gains on the total assets average

And, the fixed charge coverage ratio shows the payment of its all debts with the available earnings

So for earning profits, the return on total assets is a better option

4 0
3 years ago
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