Answer:
The correct answer is letter "A": Jeffrey will be solely responsible for making payments for his Social Security (FICA).
Explanation:
Independent contractors act like third party services working for an entity to render services for specific jobs. Independent contractors are not employees of the company who hires them for the job which implies the independent contractors are fully responsible for the payment of their own Social Security and Medicare taxes.
Answer:
true (A. is the trustee for the client in a trust account)
Explanation:
Based on the information provided within the question it can be said that this statement is completely true. This is mainly due to the fact that a trustee can directly deduct management fees from the customer funds. Therefore if the investment adviser is the trustee for the client he is able to have custody over the account and make these deductions.
Answer:
C. Entrepreneurs operate businesses that produce goods and services
Explanation:
An entrepreneur is one of the factors of production. An entrepreneur is a person who starts a business, manages and regulates a business.
Answer:
$43,000
Explanation:
Warranty expense for 2021 = $40.8 millions * 1%
Warranty expense for 2021 = $408,000
Balance in Liability on 31 Dec = Warranty Liability on 1 Jan + Warranty Expenses - Warranty Expense paid
Balance in Liability on 31 Dec = $88,000 + $408,000 - $453,000
Balance in Liability on 31 Dec = $43,000
So, the balance in the warranty liability account as of December 31, 2021 is $43,000.
