Lawyers, accountants, and other professionals typically price by adding a standard markup for profit. This exemplifies _______

Under the principles of agency law, any sale of goods by a salesperson in a store to a customer can be binding on the owner of t

NeX [460]

Answer: True

Explanation:

Under Agency Law in relation to employment, the salesperson is acting as an agent of the owner of the store and as such is their representative. As their representative, it is assumed that whatever they are selling is from the Owner whom they represent and as such can be binding on the owner.

This is why the Agent must act in the best interest of the owner because the owner could be held negligent for the actions of their agents. For instance, a salesperson will not be sued for a faulty equipment that caused harm but the store can.

4 0

3 years ago

You plan to retire in 19 years. At the point of retirement, you want to be able to withdraw 32,877 at the end of each year forev

xz_007 [3.2K]

Since no any further contributions will be made to the retirement fund, the amount you need today is $172,014.

<h3>Calculation of Present Value and Present Value of a Perpetuity</h3>

The first step is to calculate the present value (PV) of the contribution at the point of retirement in 19 years using the formula for calculating the present value (PV) of perpetuity as follows:

PV in 19 years = CF / R ............................................. (1)

Where;

PV in 19 years = Present value (PV) of the contribution at the point of retirement in 19 years = ?

CF = Cash flow or yearly expected withdrawal = $32,877

R = Rate of return after retirement = 5.02%, or 0.0502

Substituting the values into equation (1), we have:

PV in 19 years = $32,877 / 0.0502 = $654,920.3187251

The amount you need today can be calculated using the present value formula as follows:

PV = FV / (1 + r)^n ……………………………………………. (2)

Where;

PV = Present value or the amount you need today = ?

FV = Future value or PV in 19 years = $654,920.3187251

r = rate of return prior to retirement = 7.29%, or 0.0729

n = number of years = 19

Substituting the values into equation (2), we have:

PV = $654,920.3187251 / (1 + 0.0729)^19 = $654,920.3187251 / 3.80737505803714 = $172,013.607470218

Rounding to the nearest dollar, we have:

PV = $172,014

Therefore, the amount you need today is $172,014.

Learn more about present value here: brainly.com/question/17322936.

3 0

2 years ago

Assuming purchase costs are rising, determine which of the statements below are correct regarding the cost of goods sold under F

anzhelika [568]

Answer:

A

B

C

D

Explanation:

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold

Weighted average cost method calculates the cost of goods sold as the weighted average of cost of inventory

In periods of rising prices, later purchased goods would have a higher price. As a result, LIFO would report a lower net income while companies using FIFO would report the highest gross profit and net income.

Because of the high net income reported under FIFO, tax paid would be the highest too

6 0

3 years ago

Match each trade organization or agreement with its description.

Dominik [7]

Answer:

1. World Trade Organization

2. North American Free Trade Agreement

3. The European Union

Explanation:

a. World Trade Organization (WTO): Oversees trade agreements among over 150 member nations and arbitrates trade disagreements among member countries. The world trade organization (WTO) is an intergovernmental organization that set rules, policies and regulates global trade across the world. It was established officially on the 1st of January, 1995.

b. North American Free Trade Agreement (NAFTA): Created a free-trade zone consisting of the United States, Canada, and Mexico with the purpose of eliminating trade barriers between these countries. It officially became effective on the 1st of January, 1994.

c. The European Union (EU): An agreement between over 25 nations, which abolished tariffs among member countries and standardized policies on agriculture, transportation, and business practices. It was established officially on the 1st of November, 1993. Some of its member countries are Sweden, Italy, Germany, Portugal, Croatia, Russia, France, Spain, Netherlands etc.

8 0

3 years ago

The purpose of a memo is to _____.

Alenkasestr [34]

The purpose of a memo is to communicate directions, advice, or information.

3 0

3 years ago

Lawyers, accountants, and other professionals typically price by adding a standard markup for profit. This exemplifies ________.