1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
What is the difference between financial and managerial accounting ?
horrorfan [7]

Answer:

Financial accounting refer to the financial statement while, managerial is more focus into internal reports

In details, the most difference are as follows:

Aggregation.

Financing reports on the complete firm. While Managerial; at product, division or customer level.

Proven information.

Financing require certain criteria to ensure precision. It need to prove correct to third parties. While Managerial uses budget, forecast and estimated values.

Reporting focus.

Financial accounting is oriented toward outside

Managerial accounting analysis stays within a company.

Legislation:

Financial accounting faces the GAAP, IFRS and heavy legislation.

Managerial accounting doesn't

Time period.

Financial accounting has a historical orientation their reports are resumes of past transactions and operations.

Managerial accounting has a future orientation.

Timing.

Financial Statement are done at end of an accounting period.

Managerial accounting issues on demand of the board or supervisor.

8 0
4 years ago
Take a look around your house and identify household products that work by means of an enzyme. name the products, and indicate h
vredina [299]
Enzymes are biological catalysts that increase the rate of chemical reactions without being used up. The most common enzyme types used in the Household care industry are proteases (example: powder labelled as meat tenderizer which reduces meat's toughness.<span>, cleaning agents,...) .E</span><span>nzymes found in some toothpastes include papain (claimed to help whiten teeth) and lysozyme (kills bacteria).</span>
6 0
3 years ago
Diminishing marginal utiliDiminishing marginal utility means that A. the price of two hamburgers is twice the price of one. B. t
4vir4ik [10]

Answer: C beyond a certain​ point, total utility decreases as income rises

  • Diminishing marginal utility means that beyond certain point, the total utility from consuming a good decreases, and increasing its consumption monotonically, makes that every additional unit of consumption delivers less utility each time.
  • This is because most behavioral consumers models try to emulate the principle of scarcity: the less available units of a good, the more it values.
  • Then, an increasing income would allow us to buy more and more goods, and because of the existance of diminishing marginal utility, we would get less utility from consuming  additional units of every goods each time.
  • As an <u>example</u>,one could think about eating chocolate. The first bar would give us much happiness (utility), but increasing the number of bars  consumed would eventually vanish this "happiness".

5 0
4 years ago
Read 2 more answers
pat deposits $600 in a saving account at a simple interest rate of 6% per year for 5 years. How much money will pat have earned
g100num [7]

The money he would have earned as interest at the end of 5 years is $180.

<h3>How much interest would he have earned in 5 years?</h3>

Interest is the total amount that is earned in excess of the amount deposited. Interest is a function of the amount deposited, time and interest rate.

Interest = amount deposited x time x interest rate

$600 x 5 x 0.06 = $180

To learn more about interest, please check: brainly.com/question/26164549

#SPJ1

7 0
2 years ago
Read 2 more answers
Identify the features of stocks and bonds.
motikmotik
<h3>Answers:</h3><h2>(A) Face Value</h2><h2>(D) Maturity Date </h2><h3>Explanations:</h3>
  • Par value, in finance and accounting, suggests stated value or face value. From this come the words at par (at the par value), over par (over par value) and under par (under par value).
  • The maturity date is the date on which the principal value of a note, draft, receiving bond or another debt instrument becomes payable and is repaid to the investor and interest payments end. It is also the end or due date on which an instalment loan must be repaid in full.
6 0
3 years ago
Read 2 more answers
Other questions:
  • Munoz Specialty Foods groups its customers by regions in the United​ States, such as​ Midwest, Northeast, and Southwest. For eac
    7·1 answer
  • True or False. Marketing activities are completed by profit-making businesses but not by nonprofit businesses.
    14·1 answer
  • The price tag on a golf ball in 1975 read $0.20, and the price tag on a golf ball in 2005 read $2.00. The 1913 was 32.3, and the
    5·1 answer
  • What is the total value of Company H's stock?
    15·1 answer
  • Why is it important to evaluate increases and decreases in operating expenses? Select one: a. Increases in operating expenses ar
    12·1 answer
  • Name and describe three ways that companies can benefit from being ethical.
    8·1 answer
  • you estimate your annual revenue to be 50,000+ 20,000y, where y is the number of years in business. what is your estimated reven
    12·1 answer
  • All of the following statements are true regarding negotiated municipal underwritings EXCEPT the:A initial offering price of eac
    10·1 answer
  • Why is it necessary for us to have knowledge and professional education? show the relationship between education and professiona
    9·1 answer
  • A variable is a data characteristic that stands for a value that changes or varies over Blank______. Multiple choice question. b
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!