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evablogger [386]
2 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]2 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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amm1812

Answer:

The Journal entries are as follows:

(i) Manufacturing Overheads Account Dr. $900

To Accumulated Depreciation                             $300

To Cash account                                                   $100

To Utilities payable                                                $500

(To record the expenses incurred)

(ii) Work in process inventory A/c ($1.50 × 450) Dr. $675

To Manufacturing Overhead                                               $675

(To record the allocation of overhead at the predetermined rate of $1.50 per machine hour)

8 0
3 years ago
What is the difference between net worth and worth​
notka56 [123]

Answer:

I found this off of google, "People often get caught up in how much income they earn. This is because income is the primary source of creating wealth for individuals. ... Net worth is the value of all assets minus all liabilities at a given point in time."

Hope this helps, have a great day/night and stay safe! :) :D :3

7 0
3 years ago
In your opinion, discuss of the importance of having a business website. And also their advantage and disadvantage.​
azamat

Answer:

The first and perhaps most obvious advantage of a business website is the potential for reaching a wider audience. The internet is used by literally millions of people, all of them are looking for something and some of them might be looking for you!

Building a website for your business will mean you could potentially reach these otherwise unreachable customers. Your business might be local, but you might have the potential to sell your products or services to a wider market, whether it be people in the next town, the nation as a whole or even the international market. Data shows that internet shopping is still on the rise, so taking your business online will potentially allow you to take advantage of the growth and expand your business. Even if you have no intention of using a business website to sell, you still might want to let customers know about your business. People commonly research businesses online before actually visiting the business location. So having a well designed website will help encourage them to come and visit you or be able to find your business in the first place.

Disadvantages of a Business Website

There are a few disadvantages of having a website for your business. Generally though, they are outweighed by numerous advantages.

8 0
3 years ago
_____ refers to the impact of the change in currency exchange rate on the reported financial statements of a company
vagabundo [1.1K]

Answer:

NET INCOME

Explanation:

as you re measure each transaction, the difference, gain or loss, flows through income statement as a foreign currency transaction adjustment.

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3 years ago
Cattell agreed that the ______ approach to research is scientific, rigorous, and quantitative.
Naya [18.7K]
Multivariate approach

<span>Multivariate approach utilizes techniques to determine the effects of many (more than two) variables in a study. This uses multivariate statistical techniques, often involving high level mathematics.
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The multivariate approach is especially useful in the field of social science research where it is generally difficult or impossible to use randomized laboratory experiments, very often used in medicine and natural sciences. Multivariate analysis then helps establish relationships between different variables and provide correlations on the importance of the different variables and their interactions with one another to the outcome. 
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Cattell used this approach to produce highly specific data in his study of the structure of personality. 
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3 years ago
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