Any person who agrees to perform a service for a fee and is not subject to the control of those for whom the service is performed is called a(n)
a. manager; b. employee; c. executive; d. independent contractor;
e. none of these
D
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Yankton Company began the year without an investment portfolio. During the year, they purchased investments classified as trading securities at a cost of $13,000 . At the end of the year, the market value of the securities was $11,000 . The Yankton Company's financial statements for the current year should show
a. a loss of $2,000 on the income statement and net trading securities of $13,000 on the balance sheet b. no loss on the income statement and net trading securities of $13,000 on the balance sheet c. no loss on the income statement, net trading securities of $11,000, and an unrealized loss of $2,000 as a stockholders' equity adjustment on the balance sheet d. a loss of $2,000 on the income statement and temporary investments of $11,000 on the balance sheet
The management of Rutledge Corporation would like to better understand the behavior of the company's warranty costs. Those costs are listed below for a number of recent months: Product ReturnsWarranty CostMarch30 $3,648April37 $4,074May43 $4,460June41 $4,330July32 $3,756August48 $4,782September35 $3,932October33 $3,823 Management believes that warranty cost is a mixed cost that depends on the number of product returns. Required:Estimate the variable cost per product return and the fixed cost per month using the least-squares regression method.
What will be an ideal response?
Thomas Lumber Company produces furniture grade lumber and building grade lumber from a joint process. Sawdust, a by-product of the manufacturing process is sold to a local toy manufacturer to stuff leather toys for $10 per ton. In February, the company produced 3,00 . tons of sawdust. What is the entry to reduce the cost of the main products by the estimated sales value of the by-product?
a. By-product inventory $30,000 Work in process $30,000 b. Work in process $30,000 Other income $30,000 c. Cost of goods sold $30,000 By-product inventory $30,000 d. By-product inventory $30,000 Gain or loss on sale of by-product $30,000
The term "proprietary funds" applies to:
A. enterprise, internal service, and private-purpose trust funds. B. all funds that use accrual accounting. C. enterprise and internal service funds only. D. none of the above answers are correct.