<u>Answer:</u>
Corporations are the best business structure for most of business entrepreneurs. Sole Proprietorships offer no security at all. Partnerships are perplexing and liable to twofold tax assessment.
The benefit of sole ownership is what's called go through tax collection. The Sole ownership pay goes this through right to the proprietor's individual assessment form. This implies no corporate assessment form and no twofold tax assessment. Sole ownerships are additionally significantly simpler to set up, and they have adaptable administration.
Answer:
For Machine Setup:
Overhead=$80 per setup
For Machining:
Overhead=$13 per machine hours
For inspections:
Overhead=$32 per inspections
Explanation:
Given Data:
Overhead cost for machine setups=$80,000
Overhead cost for machining=$162,500
Overhead cost for inspections=$28,000
Expected annual use in machine setups=1,000 setups
Expected annual use in machining=12,500 machine hours
Expected annual use in inspections=875 inspections.
Required:
Overhead rate for each activity=?
Solution:
For Machine Setup:
Overhead=
Overhead=
Overhead=$80 per setup
For Machining:
Overhead=
Overhead=
Overhead=$13 per machine hours
For inspections:
Overhead=
Overhead=
Overhead=$32 per inspections
Answer:
This is an actual court case where the Supreme Court of Rhode Island ruled in favor of Cox Communications in February, 2014.
The court ruled that Ovalles was an employee for M&M, and that M&M had an independent contractor relationship with Cox Communications. Additionally, Ovalles was also an independent contractor for M&M, not an employee. There existed no direct relationnship between Cox and Ovalles.
Even though Ovalles and other independent contractors use both Cox's and M&M's logos on their vans and uniforms, this was done so consumers could identify them. The fact that an identification is needed so customers can determine the function of a technician, doesn't imply that those technicians are actually employees of the firm nor they actually a method of control over the technicians.
Since Cox didn't control the performance of Ovalles and didn't have contact with him, then there was no reason to consider him an employee of Cox.
The plaintiff, Barbara Cayer probably made a mistake when it included Cox in the lawsuit (since it is a large company), and she would have had a better case against M&M because that company did have control over Ovalles's performance and did have contact with him. But since M&M was a much smaller firm, they decided to go after the big fish. Later they tried to include M&M into the lawsuit but it was rejected since the Supreme Court had not made their ruling yet.
Answer:
Under the gross method
= $15,000
Under the net method
= $14,850
Explanation:
Data provided in the question:
Amount of inventory purchased = $15,000
terms of 1/10, net 30
Now,
Under the gross method,
The inventory is recorded at the price mentioned on invoice and only discounts taken are recognized
therefore,
Amount carried by inventory = Amount of inventory purchased
= $15,000
and,
Under the net method all the discounts will be taken
therefore,
Amount carried by inventory
= Amount of inventory purchased - Discount
= $15,000 - 1% of $15,000
= $15,000 - $150
= $14,850