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Alenkasestr [34]
3 years ago
7

Nelson Ovalles worked as a cable installer for Cox Rhode Island Telecom, LLC, under an agreement with a third party, M&M Com

munications, Inc. The agreement stated that no employer-employee relationship existed between Cox and M&M’s technicians, including Ovalles. Ovalles was required to designate his affiliation with Cox on his work van, clothing, and identification badge, but Cox had minimal contact with him and limited power to control the manner in which he performed his duties. Cox supplied cable wire and similar items, but the equipment was delivered to M&M, not to Ovalles. On a workday, while Ovalles was fulfilling a work order, his van rear ended a car driven by Barbara Cayer. Is Cox liable to Cayer?
Business
1 answer:
Illusion [34]3 years ago
5 0

Answer:

No.

Explanation:

Ovalles was an M&M contractor to perform work assigned by M&M. As the question says, <em>"Cox had minimal contact with him and limited power to control the manner in which he performed his duties."</em>.  That is the main feature of a contractor, different from an employee who works directly for Cox. The liability is completely of M&M.

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Company A uses the FIFO method to account for inventory and Company B uses the LIFO method. The two companies are exactly alike
ANEK [815]

Quick ratio is 1.47.

Company A uses the FIFO method to account for inventory and Company B uses the LIFO method. The quick ratio is an indicator of a company’s short-term liquidity position and measures a company’s ability to meet its short-term obligations with its most liquid assets.

Gross Profit 72000 67000

Operating expenses and interest expense 56000 53000,

Pretax Income 2200014000

Income Tax 3000 4000

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Balance sheet Year? Year

cash 4000 7000

Accounts Receive ab 114000 18000

Taventory 40000 34000,

Property & Equipment 45000 36000

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Current Liabilities ‘i6000 4.7000

Long term Liabilities 5000 45000

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L. Current Ratio = Current Assets / Current Liabilities

Year? Year

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2.Quick Ratio

‘Current Assets - Inventory / Current Liabilities

Year? Year

Quick Ratio is 1.47

2.Profit Margin = Net profit /Sales

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Profit Margin 737% 5.99%

Learn more about quick Ratio here

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4 0
2 years ago
Exercise 15-14 Presented below are two independent situations. 1. Flinthills Car Rental leased a car to Jayhawk Company for one
IrinaVladis [17]

Answer:

Part 1

Dr Lease rentals $300........ Expense

Cr     Cash Account $300

Part 2

Dr Leased Equipment $63,536

Cr Finance Lease Liability  $63,536

Explanation:

Part 1. Under the operating leases the lessee pays the monthly rentals which must be accounted for as an expense and the double entry is as under:

Dr Lease rentals $300........ Expense

Cr     Cash Account $300

Part 2. Under the finance lease agreement, the lessee pays the value of the asset and the interest as well. So after the date of agreement when the asset is handed over the journal entry would be recording of the equipment received, which would written at its fair value or present value of the payments made. The journal entry would be:

Dr Leased Equipment $63,536

Cr Finance Lease Liability  $63,536

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4 years ago
If a store has a “buy one, get one free” sale and an item costs $10, what is the marginal cost of the second item?
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The marginal cost of the second item is $0
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3 years ago
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