Answer:
independent contractor
Explanation:
The IRS uses the following 3 criteria to determine if a worker is an employee or not:
- Behavioral: does the employer control what the worker does? if +, employee
- Financial: does the employer have control over how and what amount a worker is paid? if +, employee
- Type of Relationship: Does the worker have any written contract or any does he/she receive any type of benefits? Does the relationship between the employer and the worker permanent? If +, employee
Apparently Patrick would fit quite well into the criteria of being an employee, but since he has a written agreement that states that he is an independent contractor, then that is how he should be classified. Also, it must be considered how Patrick pays his taxes, but we were not given that information.
Some states use a more strict parameter to determine if a worker is an employee, but that is not the case here.
Answer:
Revenues minus expenses.
Explanation:
Net income = Revenue - (cost of goods sold + selling, general and administrative expenses + depreciation + net interest expense + income tax)
Revenues minus cost of goods sold gives gross profit
Assets minus liabilities gives shareholders equity
Answer:
d. Generates a change in quantity demanded.
Explanation:
Because in this case only the price is changing and all other factors are held constant the demand curve will not move and any movement that will take place will be along the demand curve. If the price increases the quantity demanded will decrease and if the price decreases the quantity demanded will increase, the reason for this is that the demand curve is downward sloping, therefore a price change will only change the quantity demanded.
It might be the Employees. Lol, not sure.
Answer: 42 days
Explanation:
To solve the above question, first, we will have to calculate the debtors turnover ratio which is the date sales uncollected for the year. This will be:
= Sales/Average Accounts Receivables
= $612,000 / $70,422
= 8.69 times
Since we are using 365 days for a year, then the firm's days sales uncollected for the year will be calculated as:
= 365 / 8.69
= 42 days
