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NemiM [27]
3 years ago
10

During its first year of operations, Silverman Company paid $10,285 for direct materials and $9,800 for production workers' wage

s. Lease payments and utilities on the production facilities amounted to $8,800 while general, selling, and administrative expenses totaled $4,300. The company produced 5,450 units and sold 3,300 units at a price of $7.80 a unit.
What was Silverman's net income for the first year in operation? (Do not round intermediate calculations.)

a. $21,440

b. $5,655

c. $16,940

d. $3,950
Business
1 answer:
Salsk061 [2.6K]3 years ago
4 0

Answer:

D.$3,950

Explanation:

Production = ($10,285 + $9,800 + $8,800) ÷ 5,450units

=$28,885÷5,450 units

= $5.3per unit

COGS = 3,300 units sold × $5.3 per unit

= $17,490

Net income = Revenue − Cost of goods sold − Selling and administrative expenses

Net income = (3,300 units × $7.80 per unit) − (3,300 units sold × $5.3per unit) − $4,300

=(25,740-17,490)-$4,300

= 8,250-$4300

=$3,950

Therefore Silverman's net income for the first year in operation is $3,950

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Sheffield Company discovered the following errors made in January 2022.
Tasya [4]

Answer:

A)

1. Dr Cash 400

    Cr Equipment 400

Dre Wages expense 400

    Cr Cash 400

2. Dr Service revenue 550

    Cr Cash 550

Dr Cash 5,500

    Cr Service revenue 5,500

3. Dr Accounts payable 260

    Cr Equipment 260

Dr Equipment 620

    Cr Accounts payable 620

B)

1. Dr Wages expense 400

    Cr Equipment 400

2. Dr Cash 4,950

    Cr Service revenue 4,950

3. Dr Equipment 360

    Cr Accounts payable 360

4 0
3 years ago
Anybody wanna zoom ?
Ne4ueva [31]

Answer:

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5 0
3 years ago
Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next nine years because t
Montano1993 [528]

Answer:

$106.02

Explanation:

Div₀ - Div₉ = 0

Div₁₀ = $10 and then will grow by 6% forever

we must first determine the terminal value for year 9 using the dividend growth model:

P₉ = Div₁₀ / (Re - g) = $10 / (10% - 6%) = $10 / 4% = $250

now we shall discount this to present day value:

P₀ = $250 / (1 + 10%)⁹ = $250 / 2.3579 = $106.02

3 0
3 years ago
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $217,200 of raw materials on credit
sukhopar [10]

Answer:

The cost of product transferred to Finished Goods Inventory is $450,100

Explanation:

The computation of the cost of the product transferred to Finished Goods Inventory is shown below:

= Beginning Work in Process Inventory + direct material + direct factory payroll + overhead cost - Ending Work in Process Inventory

where,

Direct material = Total material - indirect material

                         = $211,000 - $34,800

                         = $176,200

Direct factory payroll = Total factory payroll - indirect labor

                                   = $159,600 - $44,800

                                   = $114,800

Overhead cost = 150% of direct labor cost

                         = 150% × $114,800

                         = $172,200

The other items values would remain the same

Now put these values to the above formula  

So, the value would equal to

=  $17,100 + $176,200 + $114,800 + $172,200 - $30,200

= $450,100

7 0
3 years ago
Lee Hong Imports paid a $1.00 per share annual dividend last week. Dividends are expected to increase by 5 percent annually. Wha
yuradex [85]

Answer:

$11.67

Explanation:

Here, we are asked to calculate the present worth of some amount of shares today given the discount rate and some other information.

To calculate this, we have to proceed mathematically

The present amount = (Amount paid per share dividend) * (1 + annual increment)/(discount rate - annual increment)

From the question, we identify these values as;

Amount paid per share dividend = $1

Annual increment = 5% or 0.05

Discount rate = 14% or 0.14

Plugging these values we have;

Po=$1*(1+0.05)/(0.14-0.05)

Po=$11.67

5 0
3 years ago
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