Select the correct answer
a. Rosie rents a locker at the airport, and she puts a bag in the locker. Rosie keeps the locker key. In this case, the bag has been delivered to and accepted by the airport. The airport is a bailee.
b. Hill rents a boat to Dan. The boat is located at a lake 30 miles away. Hill gives Dan keys to the boat. Dan drives to the lake and takes possession of the boat. In this case, the boat has been delivered to and accepted by Dan, and Dan is a bailee.
c. Unknown to Lon, Jeff left a bike at Lon's house. Lon has not found the bike and he is not likely to find it because Jeff left the bike under the front porch. In this case, Lon is a bailee of the bike.
d. Ken parked a car in a self-service lot and Ken kept the keys. The parking lot is a bailee.
b
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In 2016, Baloga Heating Company sold 400 water heaters for $350 each. The water heaters carry a 2-year warranty for repairs. Baloga estimates that repair costs will average 2% of the total selling price. How much is recorded in the warranty liability account as a result of selling the water heaters during 2016?
a. $4,200 b. $2,800 c. $1,400 d. No liability should be recorded until the water heaters are brought back for repairs.
Amy's gross pay for the week is $870.00. Her deduction for federal income tax is based on a rate of 25%. She has voluntary deductions of $245.00. Her year-to-date pay is under the limit for OASDI. What is her net pay? (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. (Round all calculations to the nearest cent.)
A) $407.50 B) $652.50 C) $585.94 D) $340.94
Which of the following is legally a separate entity from its owner(s)?
A) Sole proprietorship only B) Sole proprietorship and partnership only C) Corporation only D) Partnership only
Compassion has nothing to do with sustainable business. Business is business.
Answer the following statement true (T) or false (F)