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lyudmila [28]
2 years ago
15

You are an accounting student at a university and also a talented guitar player. During summer vacation, you are hired full time

to do bookkeeping for a computer store. You work during normal business hours at the computer store. Your work there is supervised by the office manager, and you are paid an hourly wage. On Saturday nights, you play guitar at a pub. You bring your own instrument and you decide what music to play. You are paid a set price for this gig. A question arises at both the store and the pub as to whether you are an employee or an independent contractor. This question is important because employers have certain obligations to employees that do not apply to independent contractors. For example, employers are liable for the wrongful acts of employees but generally not for the acts of independent contractors. Likewise, employers must withhold payroll taxes for employees but not for independent contractors.
Required:
Are you an employee or an independent contractor at the store and at the pub?
Business
1 answer:
Travka [436]2 years ago
8 0

Considering the scenario described above, at the store, I am an employee. This is because I'm hired full-time.

Also, because an office manager is supervising me, that shows I am an employee.

Also, given that I work within normal business hours at the store, that is a characteristic of an employee. Again, payment of wages is associated with employee relations.

On the other hand, I work as an independent contractor at the pub because I decide the music to play and get paid per gig.

Also, given that I don't work at normal hours and get paid at a lump sum, this is an independent contractor working feature.

Hence, in this case, it is concluded that I worked as an independent contractor at the pub and an employee at the store.

Learn more here: brainly.com/question/20834227

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Answer:

For mortgage loan:

Dr cash      $800,000

Cr mortgage payable     $800,000

Repayment of $130,196

Dr interest expense  $80,000

Dr mortgage payable $50,196

Cr cash                                          $130,196

Explanation:

The repayment of $130,196 comprises of both principal repayment and interest payment.

Interest payment=mortgage amount*rate of interest

mortgage amount is $800,000

rate of interest is 10%

interest payment=$800,000*10%=$80,000

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6 0
3 years ago
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18. A company is in its first month of operations. On January 15, the company receives $600 from customers who will receive 10 v
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Answer:

The adjusting entry at the end of January:

Debit Unearned revenue: $480

Credit Revenue: $480

Explanation:

When recceived $600 on January 15 from customer, the company must record:

Debit Cash: $600

Credit Unearned revenue: $600

because all lessons are not provided by the company, the company can't recording revenue.

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A farmer grows wheat, which she sells to a miller for $90. The miller turns the wheat into flour, which she sells to a baker for
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Answer:

The correct answer is "$155".

Explanation:

Given:

She sells to miller,

= $90

She sells to baker,

= $145

She sells to consumers,

= $155

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= 145-90

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The value added by the baker will be:

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The Company is in the process of evaluating a new product using the following information: ∙ A new transformer has three product
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Answer:

total loss for first year = ($96,000)

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direct costs per 5,000 transformers = $55,000, or $11 per unit

indirect manufacturing overhead per 5,000 transformers = $45,000 or $9 per unit

destination charges per transformer = $2 each

customer service expenses = $0.40 per transformer

sales price:

year 1 = $20 x 15,000 = $300,000

year 2 = $24 x 15,000 = $360,000

year 3 = $28 x 15,000 = $420,000

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total costs:

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total loss = -$96,000

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