Answer: B. The firm hires 45 workers and earns a $1200.00 Economic Profit
Explanation:
According to the table, when the Market Equilibrium Wage Rate is $105, the number of workers to hire would be 45 and the revenue would be $7,425.
If 45 workers are hired, they would cost:
= 45 * 105 per worker
= $4,725
Added to the fixed cost, the total cost would be:
= 4,725 + 1,500
= $6,225
The profit would be:
= Revenue - cost
= 7,425 - 6,225
= $1,200
Answer:
b.$995,000
Explanation:
Jensen Company
Direct materials used $345,000
Direct labor incurred 250,000
Factory overhead incurred 400,000
Product cost $995,000
Therefore Jensen Company's product costs is $995,000
Direct materials used $345,000 + Direct labor incurred 250,000 +Factory overhead incurred 400,000 =$995,000
Answer:
They are exempt from paying tax
Explanation:
Taxable income is the amount of an individual's gross income that the government deems subject to taxes.
However, because they are aged (above 65), and their taxable income -which should be $32000 after deductions - is less than the percentage tax relief,they are exempted from paying tax for that particular year.
Answer:
Account name statement(1) type of account(2)
Accounts payable BS CL
Accounts receivable BS CA
Accruals IS and BS income and SE
Accumulated amortization BS FA
administrative expenses IS E
Buildings BS FA
Cash BS CA
Common shares BS SE
Cost of goods sold IS E
Amortization BS E
Equipment BS F ASSET
General expenses IS E
Intrest expenses IS E
Account name Statement(1) type of account(2)
Inventories BS CA
Land BS FA
long term debts BS CL
Machinery BS FA
marketable securities BS CA
Line of credit BS LTD
operating expense IS E
Preferred shares BS SE
preferred share dividends BS SE
retained earnings BS R
Sales revenue IS R
Selling expense IS E
Taxes IS E
Vehicle BS FA
Answer and Explanation:
The journal entries are shown below
On Sept 1
Supplies Dr $1,020
To Cash $1,020
(being supplies purchased in cash)
On Sept 5
Dividend Dr $410
To cash $410
(being cash dividend is paid)
On Sept 7
cash Dr 5,500
To Unearned service revenue $5,500
(being cash collection is recorded)
On Sept 16
Cash Dr $770
To Account receivable $770
(being cash collection is recorded)
On Sept 22
Equipment Dr $3,000
To cash $1,100
To Note payable $1,900
(being equipment purchased is recorded)
