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castortr0y [4]
3 years ago
5

Ernesto owns a house painting company. Total sales for the past year were $75,000. His bills for running the business were $30,0

00. Stan, who owns a furniture-making company, previously asked Ernesto to come work for him at a salary of $40,000. Ernesto's accounting profit is______ and his economic profit is ________$
Business
1 answer:
pentagon [3]3 years ago
7 0

Answer:

Accounting profit = $45,000

Economic profit = $5,000

Explanation:

The computation of accounting profit and economic profit is shown below:-

Accounting profit = Sales - External expenses

= $75,000 - $30,000

= $45,000

Economic profit = Accounting profit - Implicit cost

= $45,000 - $40,000

= $5,000

Therefore for computing the accounting profit and economic profit we simply applied the above formula so that each one could arrive

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The purpose of having a minimum wage is to _____. a. Educate workers about what they could be making b. Guarantee that workers a
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3 0
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Choose the correct definition of purchasing power parity.
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8 0
3 years ago
a company incurred the following costs: Selling and administrative expenses: $45,000; Direct materials: $15,000; income tax expe
Aloiza [94]

Answer:

Cost of good manufactured= $50000

Explanation:

Total manufacturing cost is the aggregate amount of cost incurred by a business to produce goods in a reporting period.

Generally accepted accounting principles require that the cost of goods sold shall consist of:

the cost of direct materials

the cost of direct labor

the cost of manufacturing overhead

<u>Expenses that are outside of the manufacturing facilities, such as selling, general and administrative expenses, are not product costs. </u>They are reported as expenses on the income statement in the accounting period in which they occur.

In this exercise:

<u>Cost of goods manufactured:</u>

Direct materials= $15000

Direct Labor=$30000

Factory overhead=$5000

Total= $50000

4 0
3 years ago
Stephanie has a homeowners insurance policy for her $355,000 home with an annual premium of $0. 42 per $100 of value and a deduc
harkovskaia [24]

The annual premium that would result in Stephanie's annual out-of-pocket expense that is about the same as her current plan is <em>b. $0. 28 per $100 of value.</em>

Data and Calculations:

Home value = $355,000

Annual premium rate = $0.42 per $100

Deductible  $500

Total annual out-of-pocket expense = $1,991 ($355,000 x 0.0042 + $500)

New deductible = $1,000

New annual premium rate = $0.28

Total annual out-pocket expense based on the new premium rate = $1,994 ($355,000 x 0.0028 + $1,000)

Thus, the annual premium that would result in Stephanie's annual out-of-pocket expense that is about the same as her current plan is <em>Option b.</em>

Learn more: brainly.com/question/18618915

6 0
2 years ago
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