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For each of the following responsibility centers, state thetypical focus of the responsibility report and briefly discuss thefocus. Responsibility Center Focus of the Responsibility ReportBrief Discussion of the Focus Cost Revenue Profit

Responsibility Center

Focus of the

Responsibility Report

Brief Discussion of the Focus

Cost

Revenue

Profit

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Tod Thiel
Tod ThielLv2
28 Sep 2019

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Linkto the video: https://www.youtube.com/embed/NrQ1iXSpTaw

After viewing thevideo, for this week’s discussion, submit your initial discussionpost by responding to the following:

  • Explainthe difference between a current and a long-termliability.
  • Explainthe three important questions concerning the uncertainty ofliabilities.
  • State thecombined amount (in percent) of the employee and employerFICA-Social Security tax rate. (Assume wages do not exceed $118,500per year.)
  • What isthe 2016 Medicare tax rate? This rate is applied to what maximumlevel of salary and wages.
  • Whichpayroll taxes are the employee’s responsibility and which are theemployer’s responsibility?

Responsibility Centers. Petroleum Products, Inc., operates primarily in the United States and has several segments:

Accounting and finance: responsible for recording financial information and preparing financial reports.

Human resources: responsible for hiring employees and maintaining personnel records.

Retail stores: responsible for sales prices and all costs within each store.

Advertising: responsible for promotional materials.

Production: responsible for manufacturing company products.

International operations: acts as an independent segment responsible for all facets of the business outside of the United States.

Required:

For each of the preceding segments, identify whether it is a cost center, profit center, or investment center. Explain your answer.

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