Stanley Goessl was a plumber doing business as a sole proprietor under the fictitious name s&K Plumbing. Goessl entered into a long-term business relationship with aP Daino and Plumbing inc. as a subcontractor. Goessl established his own hourly rate for projects and invoiced aP Daino on behalf of s&K Plumbing. Goessl also carried his own liability insurance, as requested by aP Daino. During one project, while Goessl was plumbing work for aP Daino, a fire broke out and damaged the premises. aP Daino’s insurer refused coverage, stating that Goessl was not an employee of aP Daino. whereas Goessl’s insurer argued that it was not liable, because Goessl was working the project as an employee of aP Daino. was Goessl an employee of aP Daino?

Two products, qi and vh, emerge from a joint process. product qi has been allocated $34,300 of the total joint costs of $55,000. a total of 2,900 units of product qi are produced from the joint process. product qi can be sold at the split-off point for $11 per unit, or it can be processed further for an additional total cost of $10,900 and then sold for $13 per unit. if product qi is processed further and sold, what would be the financial advantage (disadvantage) for the company compared with sale in its unprocessed form directly after the split-off point?

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In march 2018, the phillips tool company signed two purchase commitments. the first commitment requires phillips to purchase inventory for $110,000 by june 15, 2018. the second commitment requires the company to purchase inventory for $160,000 by august 20, 2018. the company's fiscal year-end is june 30. phillips uses a periodic inventory system. the first commitment is exercised on june 15, 2018, when the market price of the inventory purchased was $90,000. the second commitment was exercised on august 20, 2018, when the market price of the inventory purchased was $125,000. required: prepare the journal entries required on june 15, june 30, and august 20, 2018, to account for the two purchase commitments. assume that the market price of the inventory related to the outstanding purchase commitment was $144,000 at june 30. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)