Consider the Sharpe and Treynor performance measures. When a pension fund is large and well diversified in total and it has many managers, the measure is better for evaluating individual managers while the measure is better for evaluating the manager of a small fund with only one manager responsible for all investments that may not be fully diversified.

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.