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Allushta [10]
3 years ago
10

Initially, when a firm hires a fourth worker, its wage rate goes from $80 a worker to $90. The marginal revenue product of the f

ourth worker is $100. Then the government imposes a minimum wage of $90 a worker. If the firm now hires the fourth worker, its profits will
Business
1 answer:
max2010maxim [7]3 years ago
5 0

Answer:

increase by $10.  

Explanation:

The marginal cost of hiring a fourth worker is already $90. This means that any price floor (minimum wage) imposed by the government will not affect this worker or the company because his/her wage was already equal to the new minimum wage.

The firm's profit = marginal revenue product - marginal cost = $100 - $90 = $10.

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The balance sheet approach.

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The gross earnings of factory workers for Dinkel Company during the month of January are $400,000. The employer's payroll taxes
kari74 [83]

Answer:Please see answers in explanation column

Explanation:

a) Journal to record factory labor cost

      Account titles and explanation        Debit                Credit

Factory Labor                                             $480,000  

Factory wages payable                                                 $400,000

Employer payroll taxes payable                                  $80,000

Factory Labor=Factory wages payable+Employer payroll taxes payable                                  

= $400,000 + $80,000 =$480,000

b) Journal to transfer factory labour to production

Account titles and explanation                                Debit             Credit  

Work in process inventory(480,000 x 75%) $360,000  

Manufacturing Overhead(480,000 x 25%)          $120,000  

Factory Labor                                                                           $480,000

3 0
3 years ago
On October 1, 2017, Vaughn, Inc., leased a machine from Fell Leasing Company for five years. The lease requires five annual paym
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Answer:

Explanation:

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Incremental rate of borrowing = 11%

Lease Period = 5 yrs.

2. Value of lease equipment as on 1st October 2017 i.e., date of lease.

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=10,000 * 3.6959 (using -PVAF table)

= $ 36,959

Factors are used according to the table of PVAF

3.Lease liability as on 31-12-2017

= 10,000 * PVAD (11 * 4 years) [since 4 years in these)

 = 10,000 * 3.44371

= $ 34,437.10

Lease liability as on 31st Dec 2018

= 10,000 * PVAD (11% 3 years) (still 3 yrs left as on 31-12 -2018)

= 10,000 * 2.71252 = $ 27,125.20

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