Ralph is a skilled carpenter who supplies his own tools. He works only until a job is completed, then gets paid, and moves on to the next job. In an agency relationship, Ralph is a(n) ________
A) principal
B) independent contractor
C) employee
D) employer
B
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Use the five transactions for Hennigan Company described below to answer the question(s) that follow(s). Dec 1 Hennigan purchases two new saws on credit at $375 each. The saws are added to Hennigan's rental inventory. Payment is due in 30 days. 8 Hennigan accepts advance deposits for tool Company of $75. 15 Hennigan receives a bill from Farmer's Electric Company for $150 . Payment is due in 30
days. 20 Customers are charged $750 by Hennigan for tool Company. Payment is due from the customers in 30 days. 31 Hennigan receives $500 in payments from the customers that were billed for Company on December 20. Refer to the transactions for Hennigan Rentals. Based on the October 15 transaction, Farmer's Electric will record which of the following in its accounting records? a. a credit in Accounts Payable for $150. b. a credit in Accounts Receivable for $150. c. a debit in Accounts Payable for $150. d. a debit in Accounts Receivable for $150.
In order to obtain the protection of the business judgment rule, directors need not be free from conflicts of interest.
Answer the following statement true (T) or false (F)
A retail strategy can be best defined as _____
a. the selection and appeal to a specific retail target market b. short-run activities conducted by a retailer to meet or exceed its retail objectives c. the overall plan guiding a retail firm d. a plan to reduce retail costs
The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit:$38Production Selling and administrative$14Fixed costs per year: Production$140,000Selling and administrative$84,000 Last year, 7,000 units were produced and 6,800 units were sold. There was no beginning inventory. Under absorption costing, the cost of goods sold for the year would be:
A. $398,400 B. $258,400 C. $353,600 D. $394,400