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Alekssandra [29.7K]
3 years ago
6

Jessica makes photo frames. She spends $5 on the materials for each photo frame. She can create one photo frame in an hour. She

earns $10 per hour at a part-time job at the local coffee shop. She can sell a photo frame for $30 each. Refer to Scenario 13-9. An economist would calculate the total cost for one photo frame to be
Business
1 answer:
Mkey [24]3 years ago
7 0

Answer:

accounting profit = $25

Total cost = $15

Economic profit  = $15

Explanation:

given data

spends = $5

Implicit cost  = $10 per hour

sell = $30

to find out

calculate the total cost for one photo frame

solution

first we calculate here accounting profit that is

accounting profit = Sale price - cost spent on materials

accounting profit = $30 - 5

accounting profit = $25

and

Total cost = Explicit cost + Implicit cost

Total cost = 5 + 10

Total cost = $15

and Economic profit will be

Economic profit = Accounting profit - implicit costs

Economic profit  = $25 - $10

Economic profit  = $15

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Answer:

The equivalent units of production for October are :

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Conversion Costs = 418,500

Explanation:

<u>Calculation of Equivalent Units of Production</u>

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Ending Work In Process Inventory (25,000 × 71%)          17,750

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Equivalent Units of Production for Materials                 423,750

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Completed and Transferred (406,000 × 100%)           406,000

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3 years ago
What is the biggest difference in who makes the contributions to 401(k) and IRA retirement plans?
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In a 401k the employer usually matches a percentage and if you are lucky dollar for dollar, where in an IRA it is does an an extra option with a set amount of money usually 2500 or more for each IRA contribution.
5 0
3 years ago
The account balances and income statement of Winfrey Towing Service on June 30, 2018, follow:
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Answer:

1. WINFREY TOWING SERVICE

Statement of Comprehensive Income

                                           $

Service revenue               10,800

Rent expense                    (550)

Salaries expense              (1,900)

Dividends paid                  <u>(4,000)</u>

Net income                        <u> 4,350</u>

Statement of Retained Earnings

                                             $

Retained earnings b/f      3,900

Add: Net income               4,350

Retained earnings c/f       8,250

2. Statement of retained earnings report changes in retained earnings of a company in a given accounting year.

Explanation:

In this question, we need to obtain the net income of the company, which  is service revenue minus expenses minus dividend. Then, the statement of retained earnings is prepared by taking cognisance of the retained earnings brought forward and add the net income for the year.

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3 years ago
Present value with periodic rates. Sam​ Hinds, a local​ dentist, is going to remodel the dental reception area and add two new w
rusak2 [61]

Answer:

What will Sam have to pay for this equipment if the loan calls for semiannual payments ​(2 per​ year)

  • $2,820.62

and monthly payments ​(12 per​ year)?

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Compare the annual cash outflows of the two payments.

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Why does the monthly payment plan have less total cash outflow each​ year?

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PV annuity factor (5%, 12 periods) = 8.86325

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present value = $25,000

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payment = PV / annuity factor = $25,000 / 47.06973 = $531.13

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Answer:

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