1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
11Alexandr11 [23.1K]
3 years ago
14

Question Number 9 At the end of the day, a local bakery sold 83 cakes and had to throw out 7 cakes due to baking errors. Each ca

ke cost the bakery $6.25 to make. The bakery, in turn, sold each cake for $12.75. What was the total profit earned by the bakery today?
Business
1 answer:
IgorC [24]3 years ago
7 0

Answer:

The profit earned by the bakery is $ 495.75

Explanation:

Data provided:

The number of cakes sold by the bakery = 83

The number of cakes thrown out = 7

Cost of each cake = $ 6.25

Selling cost of each cake = $ 12.75

Now,

the total sales value for the bakery = cakes sold × selling Cost of each cake

or

the total sales value for the bakery = 83 × $ 12.75 = $ 1,058.25

Now,

the total cost of making the cakes

= (cakes sold + cakes thrown) × Cost of each cake

or

= ( 83 + 7 ) × $ 6.25

or

= $ 562.5

Therefore,

the total profit earned by the bakery at the end of the day

= total sales value - total cost of making

or

= $ 1,058.25 - $ 562.5

= $ 495.75

Hence, the profit earned by the bakery is $ 495.75

You might be interested in
What is the difference between the conditions of secured and unsecured loans?
jek_recluse [69]

Answer:

if you are approved for a secured loan, a lender will put a lien on an asset until the loan is paid off. An unsecured personal loan, by contrast, does not require any collateral. Examples of unsecured loans can include credit cards, student loans, unsecured personal loans, and unsecured personal lines of credit.

4 0
2 years ago
McGill and Smyth have capital balances on January 1 of $56,000 and $36,000, respectively. The partnership income-sharing agreeme
Step2247 [10]

Answer:                              capital accounts                distribution

DETAILS                          McGill               Smyth            total           remaining

opening balance         $56000             $36000

net income                                                                  $90000        $90000

salaries                        $24000            $12000        -$36000        $54000

interest @ 10%             $5600               $3600          -$9200         $44800

Profit share 70 : 30%   $31360              $13440         -$44800          $0

closing balance         $116960             $65040        

DETAILS                     McGill                   Smyth            total              remaining

opening balance         $56000             $36000

net income                                                                  $30000           $30000

salaries                        $24000            $12000        -$36000          - $6000

interest @ 10%             $5600               $3600          -$9200           -$15200

loss share 70 : 30%     -$10640            -$4560          +$15200              $0

closing balance          $74960           $47040

JOURNAL ENTRIES

1 . Debit partnership summary income account $90000, credit capital accounts McGILL ; salary 24000, interest on capital 5600, profit share 31360. Symth ; salary 12000, interest on capital 3600, profit share 13440

2 . Debit Partnership  summary income account 30000 , credit Capital accounts McGill : salary 24000 , Smyth : 12000 , Interest on capital account McGill : 5600, Smyth 3600.

for loss sharing journal

Debit Capital accounts McGILL 10640, Smyth 4560 , Credit partnership summary account 15200

Explanation:

6 0
3 years ago
Read 2 more answers
Why are complaints beneficial when it comes to public relations?
Art [367]
Answer: They tell you what you or your team needs to improve
6 0
3 years ago
Wiki Wiki Company has determined that the variable overhead rate is $4.50 per direct labor hour in the Fabrication Department. T
stellarik [79]

Answer:

Monthly factory overhead flexible budget

                                          9000 HRS              10000 HRS              11000 HRS

Variable Overhead                40,500                  45,000                    49,500

Fixed Overheads                   60,000                  60,000                    60,000

Total Overhead Costs          100,000                 105,000                   109,500

Explanation:

Fixed Costs do not change with the level of activity and thus remain the same for activity of 9,000 : 10,000 and 11,000 hours whilst variable overheads vary with the level of activity.

5 0
3 years ago
Both Bond Sam and Bond Dave have 7 percent coupons, make semiannual payments, and are priced at par value. Bond Sam has three ye
3241004551 [841]

Solution:

Each bonds have a 7 percent coupon limit. Since sales are also equivalent to 7 percent with par with YTM. The age of Bond Sam is three years and the maturity of Bond Dave is sixteen. At a sudden increase of 2%, interest rates. Decide the shift in both bond price by percentage.

Bond Sam:

Bond Value = pv(rate,nper,pmt,fv)  

Rate = (7%+2%)* 1/2 = 4.5%

nper = 3*2 = 6

fv = 1000

pmt = 7%*1000*1/2 = $35

Bond Value = -pv (4.5%,6,35,1000)

Bond Value =$936.65

Percentage change in the price of Bond Sam = (936.65-1000)/1000 Percentage change in the price of Bond Sam = -6.33%  

Bond Dave:

Bond Value = pv (rate, nper, pmt, fv)

Rate = (7%+2%)*1/2 = 4.5%

nper = 16*2 = 32

fv = 1000

pmt = 7%*1000*1/2 = 35

Bond Value = pv (4.5%,32,35,1000)

Bond Value = $854.66

Percentage change in the price of Bond Dave = (854.66-1000)/1000 Percentage change hi the price of Bond Dave = -14.53%  

4 0
3 years ago
Other questions:
  • Which label(s) would mark the produce that you are least likely to purchase even if it was very affordable?A.no label B.100% org
    9·1 answer
  • Sometimes a risk assessment report is prepared for a specific IT project at the request of the project manager, either because i
    7·1 answer
  • Wellington Corp. has outstanding accounts receivable totaling $1.27 million as of December 31 and sales on credit during the yea
    11·2 answers
  • In reviewing his company's operations, a risk manager noticed that all of the company's finished goods were stored in a single w
    11·1 answer
  • Priya has held several different positions within the same company. She has been an Assistant to the Marketing Manager, a Sales
    14·2 answers
  • LO 1.4What led to the United States Congress passing the public accounting reform act called Sarbanes-Oxley?
    11·1 answer
  • Which of the following is true of flow shop processes? a. They use different sequence of processing steps for different orders.
    12·1 answer
  • As a firm produces more units of a good, its
    8·1 answer
  • The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called
    11·1 answer
  • Which of these is NOT an example of discharge for cause?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!