Hilda, age 11, earns wages of $2,700 from modeling. Since the funds are collected by Hilda's father and used for Hilda's living expenses, her father intends to include it in his gross income.
I.The assignment of income doctrine prohibits the father from recognizing the $2,700.II.Even if Hilda desired to gift the $2,700 to her father, Hilda must recognize the income she earned.?
A. Only statement I is correct.
B. Only statement II is correct.
C. Both statements are correct.
D. None of the statements are correct.
Answer: C
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Clean, Inc. cleans and waxes floors for commercial customers. The company is presently operating at less than capacity with equipment and employees idle at times. The company recently received an order from a potential customer outside the company's normal geographic service region for a price of $4,500. The size of the proposed job is 11,000 square feet. The company's normal service costs are as follows: Unit-level materials$0.18per square footUnit-level labor$0.25per square footUnit-level variable overhead$0.08per square footFacility-level overheadAllocated at $0.10 per square foot If the company accepts the special offer:
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