Answer:
b. direct materials of $49,662, direct labor of $65,451, utilities of $10,121, and supervisor salaries of $14,900
Explanation:
The Supervisor's Salary is a fixed cost.
Therefore, a flexible budget for 13,900 units of production would show:
- Direct materials of $49,662,
- Direct labor of $65,451,
- Utilities of $10,121
- Supervisor salaries of $14,900
Answer:
a. Gross profit rate = Gross profit / sales
= <u> $710,000 * 100</u>
$1,230,000
= 57.72%
b. <u>Supreme Operating Income </u>
Gross Profit $710,000
Operating expenses <u>(440,000)</u>
Operating Profit <u> 270,000</u>
<u />
c. Return on Asset = Return/ Average Asset
= <u>$390,000 * 100 </u>
$4,000,000
= 9.75%
d. Return on equity = Return / Average equity
= <u>$390,000 * 100 </u>
$2,400,000
= 16.25%
e. Price-earnings ratio = Market price per share / earnings per share
= $88/ $4
= 22
Explanation:
Computation of Gross profit
$'000
Net Sales 1,230
Cost of goods sold <u>(520)</u>
Gross Profit 710
Answer: D. Debit to Accounts Receivable of $1,620 and a debit to Cash of $1,080.
Explanation:
Route 66 Gift Shop records sales and sales tax separately so we would have to account for both of them in the amount recorded in the Journal Entry.
For the Accounts Receivables therefore the figure we would record is,
= 1,500 + 1500(0.08)
= $1,620
For the Cash Sales would be
= 1,000 + 1000(0.08)
= $1,080
Therefore option D is correct.
Answer:
Explanation:
In the income statement, the total revenues and the total expenses are recorded.
If the total revenues are more than the total expenditure then the company earns net income
And, If the total revenues are less than the total expenditure then the company have a net loss
This net income or net loss would reflect in the statement of the retained earning account.
The calculation is shown below:
= Net Sales + interest revenue- cost of good sold - administrative expense - selling expenses - interest expense - income tax expense
where,
Income tax expense = (Net Sales + interest revenue- cost of good sold - administrative expense - selling expenses - interest expense) × income tax rate
= ($2,409,400 + $38,100 - $1,463,800 - $222,000 - $286,700 - $48,900) × 30%
= $426,100 × 30%
= $127,830
The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:
Answer:
The correct answer is letter "A": encouraged entrepreneurs to come to the U.S. through "investor visas".
Explanation:
The U.S. Immigration Act of 1990 was signed by <em>President George H. W. Bush </em>(1924-2018) by the end of November in that year. The act granted more opportunities for immigrants since it increased the numbers of family and employment-related visas to entry to the country. When it comes to employment, managers, professionals with exceptional abilities, skilled workers, and investors were at the top of the preferences for being eligible to be approved.