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evablogger [386]
3 years ago
7

During its first year of operations, Silverman Company paid $11,625 for direct materials and $11,000 for production workers' wag

es. Lease payments and utilities on the production facilities amounted to $10,000 while general, selling, and administrative expenses totaled $3,500. The company produced 7,250 units and sold 4,500 units at a price of $7.00 a unit. What was Silverman's net income for the first year in operation
Business
1 answer:
ella [17]3 years ago
3 0

Answer:

$7,750

Explanation:

The computation of the net income for the first year is shown below:

but before that following calculations needed

The Cost of production is

= Direct material + Direct labor + Manufacturing overhead

= $11,625 + $11,000 + $10,000

= $32,625

The Unit product cost is

= $32,625 ÷  7,250 units

= $4.50 per unit

Now  

Cost of goods sold = Number of units sold × cost per unit

= 4,500 units × $4.50

= $20,250

And, finally

Net Income = Sales revenue - COGS - general, selling, and administrative expenses

= (4,500 units × $7) - $20,250 - $3,500

= $7,750

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Every 6 months, Leo Perez takes an inventory of the consumer debts he has outstanding. His latest tally shows that he still owes
Svetradugi [14.3K]

Answer:

The answer is "87%".

Explanation:

Please find the attached file.

6 0
3 years ago
Winter Company earned revenues of​ $150,000 in cash and​ $200,000 on account during 2018. Of the​ $200,000 on​ account, $63,000
ICE Princess25 [194]

Answer:

$235,000

Explanation:

Under the accrual accounting system, expenses are recognized in the period incurred and not necessarily in the period cash is paid.

Revenue is also recognized in the period earned and not necessarily when cash is collected.

Total revenue in 2018 = $200,000 + $150,000

= $350,000

Net income is the difference between the revenue and expense

Net income in 2018 = $350,000 - $115,000

= $235,000

8 0
3 years ago
Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.45 per pound. 15,700
Andru [333]

Answer:

A) Price       7,080     U

B) Quantity 4,630.5  U

C) Total        11.710,5‬ U

Explanation:

DIRECT MATERIALS VARIANCES

(standard\:cost-actual\:cost) \times actual \: quantity= DM \: price \: variance

std cost  $3.45

actual cost  $3.65

quantity 35,400

difference  $(0.20)

(0.2) \times 35,400 = DM \: price \: variance

price variance  $(7,080.00)

(standard\:quantity-actual\:quantity) \times standard \: cost = DM \: quantity \: variance

std quantity 36110.00

actual quantity 35400.00

std cost  $3.45

difference 710.00

(710) \times 3.45 = DM \: quantity \: variance

quantity variance  $2,449.50

Total Variance: 2,449.5 - 7,080 = -4.630,5‬

8 0
4 years ago
Company X has 20M shares outstanding at $15 per share. Management has announced a 2 for 1 stock split. What would be the new mar
dlinn [17]

Answer:

$300 million

Explanation:

Data provided in the question

Number of shares outstanding = 20 million

Value per share = $15

So, by considering the above information, the new market cap of the company X is

= Number of shares outstanding × Value per share

= 20 million × $15 per share

= $300 million

To determine the new market cap, we simply multiplied the number of outstanding shares with the per share so that the exact value could come

         

8 0
3 years ago
Employees who have the ability to work well with others to get things done are said to have _____ skills.
lozanna [386]

Employees who have the ability to work well with others to get things done are said to have technical skills.

An employee is an employee hired by an employer to do a specific job. Employers control how employees are paid, when employees work, and how employees work. In return, employees receive benefits that contractors do not.

You should take care of your employees as much as you take care of your customers. If you trust and value your employees, they will be more committed to serving your customers well and ultimately contributing to your company in a great way.

An employer is an individual, firm, or organization that employs people and pays them wages for their work. A person who works and gets paid is called an employee.

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7 0
1 year ago
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