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olga2289 [7]
3 years ago
14

If you are required to show proof of financial responsibility for the future, for how many years must the proof be kept?

Business
1 answer:
Setler79 [48]3 years ago
5 0
A person needs to keep proof of financial responsibility for two years. This will protect the person if they are required by a court. Many people must show this if they have had a speeding ticket, DUI, or any other driver related incident. The court will need to have a copy for their records. Always keep your paperwork in a safe place and somewhere you can remember. You can always make a copy and keep it in the cars glove box. 
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Data concerning Follick Corporation's single product appear below: Selling price per unit $ 270.00 Variable expense per unit $ 7
kumpel [21]

Answer:

Break-even point (dollars)= $219,000

Explanation:

Giving the following information:

Selling price per unit $270

Variable expense per unit $78.30

Fixed expense per month $ 155,490

To calculate the break-even point in dollars, we need to use the following formula:

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)= 155,490/ [(270 - 78.3)/270]

Break-even point (dollars)= $219,000

8 0
3 years ago
Two different manufacturing processes are being considered for making a new product. The first process is less capital-intensive
baherus [9]

Answer:

700 units

Explanation:

FC1 : Fixed Costs from process 1

VC1 : Variable cost per unit from process 1

FC2 : Fixed Costs from process 2

VC2 : Variable cost per unit from process 2

FC1 = $50,000

VC1 = $700 per unit

FC2 = $400,000

VC2 = $200 per unit

To calculate the break-even (quantity) point we must equate the TC1 (Total cost of process 1) to TC2 (Total cost of process 2)

TC1 = TC2

FC1 + VC1(y) = FC2 + VC2(y)      where y is the break-even units

50,000 + 700y = 400,000 + 200y

500y = 350,000

y = 350,000 / 500

y = 700 Units

7 0
3 years ago
Read 2 more answers
Real GDP per capita in the U.S. grew from about​ $6,000 in the year 1900 to about​ $51,500 in​ 2016, an average growth rate of​
ollegr [7]

Answer:

36.84 years and 31.82 years

Explanation:

In this question ,we applied the rule no 70 which means we get to know the estimated number of years for doubling the real GDP

In the first case, the estimated number of years

= 70 ÷ average  annual growth rate

= 70 ÷ 1.9%

= 36.84 years

In the second case, the estimated number of years

= 70 ÷ average  annual growth rate

= 70 ÷ 2.2%

= 31.82 years

8 0
2 years ago
Profits from a sole proprietorship are reported as taxable income and
uranmaximum [27]

Profits from a sole proprietorship are reported as taxable income and (B) are subject to a self-employment tax of approximately 15%.

Explanation:

Sole proprietors are asked to  contribute  to both the Social Security and Medicare systems,this type of  contributions is known as the  "self-employment taxes."

Self-employment taxes are considered equal to the  payroll tax in case of an  employees of a business. Regular employees are said to make their  contributions to the above mentioned  two programs in form of  deductions fr, sole proprietors  make such contributions when the pay their  income tax

The rate of  self-employment tax  is 15.3%, which is further divided as  12.4% of  Social Security  and 2.9% of  Medicare .

Thus we can say that Profits from a sole proprietorship are reported as taxable income and (B) are subject to a self-employment tax of approximately 15%.

8 0
3 years ago
Read 2 more answers
Refer to lynn bernerd, inc. initially, the managers believed that ____ would be the best option for entering the foreign market.
mojhsa [17]
<span>They originally felt that licensing would be the best first step. By letting other companies use their product in exchange for paying royalty fees, Bernerd was licensing its product out for those companies to take advantage of the company's name.</span>
7 0
2 years ago
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