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3 years ago

How do owners and workers get income from business

Business

1 answer:

Annette [7]3 years ago

3 0

The owner will give the worker a certain percent of the income and the owner will take the rest

Explanation:the owner will give the worker a certain amount from the income he get he might give the employe 2% of what the income is each day or month of might give them a salary base on how much profit the worker contribute but the owner will alway be able to take the rest of the income after tax.

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On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 sh

Ganezh [65]

Answer:

Explanation:

The journal entry is shown below:

On February 20

Organization expense A/c Dr $60,000

To Common Stock A/c $25,000 (1,000 shares × $25)

To Paid in capital in excess of par-Common Stock $35,000

(Being the organization expense is recorded and remaining balance is credited to the Paid in capital in excess of par-Common Stock)

3 0

3 years ago

Match each of the following accounts to its proper balance sheet classification.

arlik [135]

Answer:

Account Balance sheet classification

a. Accounts payable Current liabilities

b. Accounts receivable Current Assets

c. Accumulated depreciation Property,plant and equipment

d. Buildings Property,plant and equipment

e. Cash Current Asset

f. Goodwill Intangible Asset

g. Income taxes payable Current liabilities

h. Investment in long-term bonds Long term investment

i. Land Property,plant and equipment

j. Inventory Current Assets

k. Patent Intangible Asset

l. Supplies Current Assets

8 0

3 years ago

For a stock to be in equilibrium, two conditions are necessary: (1) The stock's market price must equal its intrinsic value as s

nevsk [136]

Answer:

True

Explanation:

For a stock to be in equilibrium, two conditions are necessary:

(1) The stock's market price must equal its intrinsic value as seen by the marginal investor;

(2) the expected return as seen by the marginal investor must equal his or her required return.

4 0

3 years ago

Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inven

Ilia_Sergeevich [38]

Answer:

Raw Material $191,000

Direct labor $300,000

Actual manufacturing overhead $170,000

Actual selling and administrative expenses $115,000

The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost.

Prime Cost = Direct Material + Direct Labor

Prime Cost = $191,000 + $300,000 = 491,000

Cost of goods manufactured $

Direct material $191,000

Add: Direct Labor $300,000

Add: Manufacturing overhead $170,000

Manufacturing cost $661,000

Manufacturing cost $661,000

Add: Work in process inventory at January 1 $235,000

Less: Work in process inventory at January 31 $251,000

Cost of Goods Manufactured $645,000

Cost of Goods Manufactured $645,000

Add: Finished Good inventory at January 1 $125,000

Less: Finished Good inventory at January 31 $117,000

Cost of Goods Sold $653,000

Manufacturing overhead Account Balance

Actual overhead = $175,000

Manufacturing overhead = $180,000 (300,000 x 60% )

Over applied manufacturing overhead = $180,000 - $175,000

Over applied manufacturing overhead = $5,000

* Data was missing for the calculations, complete question is attached with this answer, Please find that.

3 0

3 years ago

At the beginning of Year 1, Trey Inc., purchased a machine with a total acquisition cost of $33,000. The machine has an estimate

soldier1979 [14.2K]

Answer:

$8,000

Explanation:

Data provided in the question:

cost of machine = $33,000

Estimated residual value = $3,000

Estimated useful life = 3 years

Estimated useful life in terms of production = 60,000 units

Total units produced in year 1 = 16,000

Now,

Rate of annual depreciation with respect to units produced

= [ Cost - Salvage value ] ÷ Estimated useful life in terms of production

= [ $33,000 - $3,000 ] ÷ 60,000

= $0.5 per unit

Therefore,

Depreciation expense for the year 1

= Rate of annual depreciation × Total units produced in year 1

= $0.5 per unit × 16,000 units.

= $8,000

7 0

3 years ago

How do owners and workers get income from business​

How do owners and workers get income from business