Seal Financial Advisors provides accounting and finance assistance to customers in the retail business. Seal has four professionals on staff and an office with six clerical staff. Total compensation, including benefits, for the professional staff runs about $571,000 per year, and normal billable hours are 8100 hours per year. The professional staff keep detailed time sheets organized by client number. The total office and administrative costs for the year are $754,000. Seal allocates office and administrative costs to clients monthly, using a predetermined overhead allocation rate based on billable hours. What is the predetermined overhead allocation rate that Seal will use for office and administrative costs? (Round your answer to the nearest cent.) A) $93.09 per hour
A) $93.09 per hour
B) $22.59 per hour
C) $70.49 per hour
D) $163.58 per hour
A) $93.09 per hour
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The loss of usefulness because of deterioration from age and wear is called
a. functional depreciation. b. physical depreciation. c. technological depreciation. d. amortization.
The Retained Earnings account balance for a large corporation is $10,000,000 . This amount represents
a. earnings that have not been distributed to shareholders. b. cash in the bank. c. the amount of cash available for dividends. d. revenues for all past years of operations.
Answer the following statements true (T) or false (F)
1. Placement describes where a product or service gets located in the marketplace. 2. According to the mutuality principle, marketers are obligated to sell products for the lowest price possible. 3. In the Robin Hood Effect, managers offer something extra to wronged employees. 4. All managers carry out some human resource functions. 5. Interactional justice is particularly important when selecting employees.
When marketers monitor the economic situation affecting their target markets, they are likely to monitor changes in all of the following except
A. interest rates. B. currency exchange rates. C. purchasing power. D. inflation. E. age.