In the context of cybermediaries, Venmo, operated by PayPal,is used to make payments to friends.
Answer the following statement true (T) or false (F)
True
By far the best-known cybermediary is PayPal, which also operates Braintree (to handle companies' web and mobile payments), Venmo (to make payments to friends), and Xoom (to enable US residents to send money, reload phones, and pay bills in 56 different countries). See 16-4: Information Technology and the World of E-Commerce
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Which of the following is not a cost element as part of the inventory carrying costs?
a. insurance costs b. property taxes c. purchase order preparation costs d. storage costs
Supervening illegality of the object of a contract occurs in which of the following circumstances?
A) The offeror had an honest and reasonable belief that the object of the contract was legal when the offer was made, but later learned that the offer was illegal. B) The object of the contract is illegal to be performed by the offeree, but could be legally performed by a different party. C) The object of the contract is illegal where made, but would be legal in another location. D) The illegality existed when the offer was made. E) The object of the contract was legal when the offer was made, but has subsequently become illegal.
A check is a draft payable on demand
a. True b. False Indicate whether the statement is true or false
Ryan & Marks, Design Consultants, has the following budget for the year: Direct labor (for professional hours charged to clients)$202,000Overhead Indirect materials 10,000Indirect labor 150,000Depreciation - Building 50,000Depreciation - Furniture 5,000Utilities 12,000Insurance 4,800Property taxes 5,200Other expenses 3,380Total$240,380The firm uses direct labor as the cost driver to apply overhead to clients. During January, the firm worked for many clients; data for two of them follow: Henderson account: Direct materials$400Direct labor 3,000Fisher account: Direct materials$5,380Direct labor 12,600Required:(a) Compute the company'sRyan & Marks budgeted overhead rate. Explain how this is used.(b) Compute the amount of overhead to be charged to the Henderson
and Fisher accounts using the predetermined overhead rate calculated in requirement (a).(c) Compute the separate job cost for the Henderson and Fisher accounts. What will be an ideal response?