Fact Pattern 32-1BLiz and Molly work as clerks in Nia's Dress Shop. Nia withholds federal taxes from their pay, and controls the methods and details of the performance of their work. Liz and Molly are not authorized to modify the prices or other terms of a sale at the shop.Refer to Fact Pattern 32-1B. Nia authorizes Liz to sell clothes at remote locations at prices that Liz negotiates in those locations. With respect to sales at those locations, Liz is
A. an independent contractor.
B. Nia's employee only.
C. Nia's employee and agent.
D. Nia's principal.
Answer: C
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Trundle Corporation manufactures one product. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows:?InputsStandard Quantity or HoursStandard Price or RateStandard Cost?Direct materials2.6 pounds$8.00 per pound$20.80?Direct labor0.70 hours$21.50 per hour15.05?Fixed manufacturing overhead0.70 hours$14.50 per hour 10.15?Total standard cost per unit???? $46.00During the year, the company completed the following transactions concerning raw materials:a. Purchased 99,100 pounds of raw material at a price of $7.90 per pound.b. Used 89,020 pounds of the raw material to produce 34,200 units of work in
process.Required:Record the above transactions in the worksheet that appears below. Because of the width of the worksheet, it is in two parts. In your text, these two parts would be joined side-by-side to make one very wide worksheet. The beginning balances have been provided for each of the accounts, including the Property, Plant, and Equipment (net) account which is abbreviated as PP&E (net).?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)=Materials Price VarianceMaterials Quantity Variance1/1$1,050,000$56,160$0$64,400$472,900=$0$0a.?????=??b.?????=???Labor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$1,643,460a.?????b.????? What will be an ideal response?
Mallard Corporation uses the product cost concept of product pricing. Below is cost information for the production and sale of 45,000 units of its sole product. Mallard desires a profit equal to a 12% rate of return on invested assets of $800,000. Fixed factory overhead cost $82,000 Fixed selling and administrative costs 45,000 Variable direct materials cost per unit 5.50 Variable direct labor
cost per unit 7.65 Variable factory overhead cost per unit 2.25 Variable selling and administrative cost per unit .90 The unit selling price for the company's product is: A) $19.35 B) $15.75 C) $22.05 D) $21.25
Which of the following defines reliability?
A. The meaningfulness of inferences drawn from a measurement procedure B. The consistency or stability of a measurement procedure C. The flexibility of assessors at an assessment center D. The ability of an employee to perform consistently
Service marks are a form of trademarks
a. True b. False Indicate whether the statement is true or false