Answer:
Instructions are listed below.
Explanation:
Giving the following information:
Selling and administrative expenses consist of $400,000 in annual fixed expenses and $2 per unit in variable selling and administrative expenses. The company's product cost of $30 per unit is computed as follows. Direct materials $ 4 per unit Direct labor $ 16 per unit Variable overhead $ 4 per unit Fixed overhead ($600,000 / 100,000 units) $ 6 per unit.
We don't have the information of selling price and units sold.
Income statement:
Sales
Variable costs:
Direct material
Direct labor
Variable manufacturing overhead
Total variable cost (-)
Contribution margin
Fixed costs (-)
Net operating income
Answer:
A) Allowance of a credit for child care expenses - child care is an important part of social policy, and many experts argue that it should be free in order to promote healthy demographics and social cohesion.
C) Allowing accelerated amortization for the cost of installing pollution control facilities - this would make said pollution control facilties cheaper, and less pollution is a social concern and a social policy because it benefits society as a whole. (Pollution is the most common example of externality).
D) Allowing a Federal Income Tax deduction for state and local taxes - as long as these deductions are applied progressively, ideally, only to poor people.
Answer:
Trial Balance
<u>Debit</u> <u>Credit</u>
Land 53000
Accounts Receivable 5400
Cash 3200
Prepaid Rent 6700
Accounts Payable 3600
Deferred revenue 1950
Common Stock 33000
Retained earnings 21250
Service Revenue 24700
Salaries expense 7500
Supplies expense <u> 8700 </u> <u> </u>
Totals 84500 84500
Explanation:
The trial balance has been made in the answer section.
Answer:
Option (B) is correct.
Explanation:
Given that,
Net income = 50,000
Preferred dividend = 2,000
Outstanding common stock:
= (40,000 × 2) + (10,000 × 6/12 × 2)
= 80,000 + 10,000
= 90,000
2016 basic earnings per share:
= (Net income - Preferred dividend) ÷ Outstanding common stock
= (50,000 - 2,000) ÷ 90,000
= 48,000 ÷ 90,000
= $0.53 per share
Therefore, the 2016 basic earnings per share is $0.53.
Answer:
$0.15 hours per unit
Explanation:
Given that
Direct material cost = $16
Assume Direct labor cost = X
Manufacturing overheads = $18
Profit margin = 20%
Direct labor per hour cost = $28
The computation of direct labor-hour input is shown below:-
Total manufacturing cost = X + $34
Total cost of goods sold = (X + $34) × 1.7 = $66
Direct labor cost per unit
= (X + $34) = $38.82
= $38.82 - $34
= $4.32
Direct labor hours per unit = Direct labor cost per unit ÷ Direct labor per hour cost
= $4.32 ÷ $28
= $0.15 hours per unit
