Liability Alex Washington ACC 205 Principles of Accounting I Instructor: James Rodisch July 28‚ 2013 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: * Social Security taxes: 6% on the first $55‚000 earned per employee * Medicare taxes: 1.5% on the first $130‚000 earned per employee * Federal income taxes withheld from wages: $7‚500 * State income taxes: 5% of gross earnings * Insurance withholdings:
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Chapter 11 Current Liabilities and Payroll Questions 1. A current liability is one that is payable within the coming year or within the company’s normal operating cycle if longer than a year. All other liabilities are long-term. A contingent liability is a potential liability that depends on a future event arising out of past events. The future event will determine the amount and existence of the liability. A contingent liability may or may not become an actual obligation. 2. The company reports
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portmanteau of “ecological” and “entrepreneur.” An ecopreneur is an individual who is focused on ecologically-friendly issues and causes‚ attempting to do business in a way which benefits the environment. He may not be a person or entity only involved in products like solar powered cells‚ water conservation system or compostable packaging. In fact‚ an ecopreneur is anyone who ranks
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creates harm should make things right by compensating those harmed II. Classification of Torts * In the US‚ torts are classified as intentional‚ negligent‚ or strict liability. * Negligent Torts occur when the defendant acts in a way that subjects other people to an unreasonable risk of harm * Strict-Liability Torts occur when the defendant takes an action that is inherently dangerous and cannot ever be undertaken safely‚ no matter what precautions the defendant takes *
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ASC172 PRINCIPLE OF RISK MANAGEMENT AND INSURANCE Takaful Products Prepared by: Fatin Syazana Binti Izuddin Noraisyah Amirah Binti Mohd Shafie Nur’Aqila Binti Mohamad Zabri 2012271324 Prepared for: CONTENTS NO. | TOPIC | PAGE | 1. | Introduction | 1 – 2 | 2. | Takaful product : Takaful Malaysia | 3 – 6 | 3. | Takaful Hero | 7 – 11 | 4. | Takaful Ikhlas | 12 – 15 | 5. | Conclusion | 16 | INTRODUCTION
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Smart Products and Services A smart products is an electronic device‚ generally connected to other devices or networks via different protocols such as Bluetooth‚ NFC‚ WiFi‚ 3G‚ etc.‚ that can operate to some extent interactively and autonomously. It is widely believed that these types of devices will outnumber any other forms of smart computing and communication in a very short time‚ in part‚ acting as a useful enabler for the internet things. Uses of Smart Services Minimize maintenance and repair
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Classification of Assets and Liabilities in a Balance Sheet We all know that Balance sheet tells us the financial position of a business at a particular point of time. The accounting equation i.e. Assets = Liabilities + Capital forms lays the foundation for the preparation of Balance Sheet. Everything that the business owns are its assets. Alternatively‚ whatever amounts a business owes to outsiders become its liabilities. First let us see how these assets are to be classified. Current
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Running Head: Limited Liability Corporation and Partnership Paper Limited Liability Corporation and Partnership Paper University of Phoenix Michael Charley FIN/419 - FINANCE FOR DECISION MAKING Finance 05/17/2011 - 06/20/2011 Instructor: TONY MOSES In today’s economy there are many decisions business owners have to make in order for their business to sustain and grow. With that being said‚ business owners are now looking at the operations and structure of their business more frequently
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Limited Liability Corporation and Partnership FIN419 - Finance for Decision Making Date Instructor’s name Limited Liability Corporation and Partnership Paper Limited Liability Corporation and limited liability partnership are two of several types of structures that individuals can give thought to forming when starting a business. To form a corporation each member has limited liability‚ but the corporation has full liability. Forming a partnership requires at least two people‚ which
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does the law justify imposing strict liability for some criminal offences? ‘actus non facit nise men sit rea’ means an act alone cannot constitute guilt without the proof of a guilty mind‚ for most criminal cases. Strict Liability is the legal responsibility for injury or damages even if the person was not at fault or negligent; this contradicts the above Latin maxim as it places sole responsibility upon a defendant without the proof of ‘mens rea.’ Strict liability is a topic that has both its pros
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