Answer:
Department 1: $34,800
Department 2: $56,840
Department 3: $24,360
Explanation:
Statement showing allocation of advertisement expenses based on departmental sales:
Department 1:
Percentage of Total sales = (Department 1 sales ÷ Total sales) × 100
= ($273,000 ÷ 910,000) × 100
= 30%
Allocated amount:
= Percentage of Total sales × Advertising costs
= 30% × $116,000
= $34,800
Department 2:
Percentage of Total sales = (Department 2 sales ÷ Total sales) × 100
= ($445,900 ÷ 910,000) × 100
= 49%
Allocated amount:
= Percentage of Total sales × Advertising costs
= 49% × $116,000
= $56,840
Department 3:
Percentage of Total sales = (Department 3 sales ÷ Total sales) × 100
= ($191,100 ÷ 910,000) × 100
= 21%
Allocated amount:
= Percentage of Total sales × Advertising costs
= 21% × $116,000
= $24,360
Answer:
neither firm cheats on the agreement; Gary cheats on the agreement and Frank does not cheat
Explanation:
Gary's Gas and Frank's Fuel operate an oligopoly.
An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.
Oligopolies are characterised by:
- price setting firms
- product differentiation
- profit maximisation
- high barriers to entry or exit of firms
- downward sloping demand curve
A cartel is when two or more producers of a certain good or service come together to regulate either the price of their good or the quantity of their goods that would be supplied. The producers that come together are usually competitors.
A tight oligopoly is when at most 8 firms hold at least 50% of the market share. there is usually cooperation among the firms
If both firms collude to increase prices, there would be an increase in total profits.
Gary's profits are highest when he cheats on the collusion and sells at a lower price. He would sell more due to his lower prices than Frank.
The main thing Vinnie did wrong was have multiple credit cards, and it say sin the question 'had fun with them' he probably did not monitor how much money he was spending.
Laws vary by region, but if you had a general partnership with no clause accounting for the death of the partner, you may have to liquidate the company, and will owe the estate of your deceased partner 50% of the net value. If the company has greater debts than assets, you will take on 50% of that remaining debt after liquidation.
If you take over the company, as agreed with your partner prior to his death, you will be the 100% owner of the company, and thus your liability to the 250,000 will be 100% of that amount. You would have the option to find a new partner.
Another possibility is that the partner selects a mutually agreed heir to his interest in the company, such as a spouse or business associate, in the event of his passing. This would leave you with the same interest in the company, and thus the same 50% liability to outstanding debts.
Answer:c. The May 31, 2020 disclaimer.
Correct Options:
a. All of the disclaimers.
b. The disclaimer made in 2019.
c. The May 31, 2020 disclaimer.
d. All of the disclaimers made in 2020.
e. None of the disclaimers.
Explanation:
A qualified disclaimer is a permanent refusal to receive a gifted property. This is useful when the tax to be paid on the property is sizable, as is the case in this $6 million parcel of land. The tax on the property will then be passed on to the contingent beneficiary, in this case, Stacey's son.
However, for a disclaimer to be valid, it has to be made and received within 9 months of transferring the property. So the federal tax on December 1, 2019 and January 3, 2020 does not apply to Stacey but she has to pay the tax for the remaining one-third that she disclaimed on May 31, 2020 as this is outside the 9-month limit.