Homework Answers
Ans) 1) False.
Factor income is received from factors of production ie land, labour, capital and entrepreneurship.
Factor income from land is known as rent, factor income from capital is known as profit and income from labour is called as wages.
2) True.
An employee sells its labour.
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The resource of land is sold and supplied for income in the form of profit. True...
45. An increase in the marginal income tax rate is likely to A. increase the quantity...
45. An increase in the marginal income tax rate is likely to A. increase the quantity of labor supplied B, decrease the quantity of labor supplied C. decrease the quantity of labor demanded D. increase the quantity of labor demanded. 46. The demand for labor is a derived demand because A. many workers are self-employed. B. the income workers earn adds to the demand for the product C. the demand for output comes from the demand for labor D. the...
Costs are transferred from the balance sheet to the income statement as cost of goods sold...
Costs are transferred from the balance sheet to the income statement as cost of goods sold when A. direct materials, direct labor and manufacturing overhead are transferred to the beginning Work-in-Process Inventory account. B. the total of Cost of Goods Manufactured is determined. C. goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account. D. finished goods are sold. Which of the following companies is most likely to use process costing? A. a music studio B....
Units Sold to Break Even, Unit Variable Cost, Unit Manufacturing Cost, Units to Earn Target Income...
Units Sold to Break Even, Unit Variable Cost, Unit Manufacturing Cost, Units to Earn Target Income Werner Company produces and sells disposable foil baking pans to retailers for $3.00 per pan. The variable cost per pan is as follows: Direct materials $0.31 Direct labor Variable factory overhead 0.55 0.70 0.17 Variable selling expense Fixed manufacturing cost totals $250,789 per year. Administrative cost (all fixed) totals $34,199. Required: 1. Compute the number of pans that must be sold for Werner to...
d. firms act to maximize revenue c. both households and firms act to minimize expenditures 8...
d. firms act to maximize revenue c. both households and firms act to minimize expenditures 8 Mark and Charles are roommates at college. Each has written a 25-page tertn Each has written a 25-page term paper for the same English class. They are equally poor typists, Charles types his own the basis of the information given, which one of the following must be truc. a. Mark is wealthier than Charles. b. Mark needs more time to study than Charles. c....
1. A partial income statement from Webfoot Industries, Inc. is shown below: Revenues Revenue from sales...
1. A partial income statement from Webfoot Industries, Inc. is shown below: Revenues Revenue from sales of goods and services$29,000,000 Operating costs and expenses: Cost of products and services sold..$15,000,000 Selling expense$2,235,000 Administrative expenss$1,765,000 Total operating costs and expenses Income from operations $10,000,000 $19,000,000 Interest expense (corporate bonds &loans...$475,000 Non-recurring legal expenses. Income taxes Net i $285,000 .. $5,245,000 $3,995,000 Last year, Webfoot owned and occupied an officeQuilding in downtown Portland. The building could have been leased to other businesses...
Units Sold to Break Even, Unit Variable Cost, Unit Manufacturing Cost, Units to Earn Target Income...
Units Sold to Break Even, Unit Variable Cost, Unit Manufacturing Cost, Units to Earn Target Income Werner Company produces and sells disposable foil baking pans to retailers for $2.55 per pan. The variable cost per pan is as follows: Direct materials $0.26 Direct labor 0.53 Variable factory overhead 0.64 Variable selling expense 0.18 Fixed manufacturing cost totals $161,635 per year. Administrative cost (all fixed) totals $22,041. Required: 1. Compute the number of pans that must be sold for Werner to...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
After-Tax Profit Targets Olivian Company wants to earn $540,000 in net (after-tax) income next year. Its...
After-Tax Profit Targets Olivian Company wants to earn $540,000 in net (after-tax) income next year. Its product is priced at $350 per unit. Product costs include: Direct materials $105.00 Direct labor $77.00 Variable overhead $17.50 Total fixed factory overhead $420,000 Variable selling expense is $14 per unit; fixed selling and administrative expense totals $270,000. Olivian has a tax rate of 40 percent. Required: 1. Calculate the before-tax profit needed to achieve an after-tax target of $540,000. $ 2. Calculate the...
It is expected that 15,000 units will be sold at a price of $260 a unit....
It is expected that 15,000 units will
be sold at a price of $260 a unit. Maximum sales within relevant
range are 20,000 units.
Instructions:
Prepare an estimated income statement
What is the expected contribution margin ratio?
Determine the break-even sales in units and dollars
What is the expected margin of safety in dollars and as a
percentage of sales? Round to one decimal place
Determine the operating leverage
A Company
Estimated Income Statement
For the Year Ended December...
End ot CHaptu Answer True (T) or False (F): 1. The amount of pay a worker...
End ot CHaptu Answer True (T) or False (F): 1. The amount of pay a worker gets for a certain amount of work is called wages. 2. A worker who is paid by the piece is guaranteed the same fixed amount of pay every week. 3. Wages are a cost of doing business for employers. 4. In general, both employers and workers want wages to be as high as possible. 5. If employers need a service offered by an employee,...
45. An increase in the marginal income tax rate is likely to A. increase the quantity of labor supplied B, decrease the quantity of labor supplied C. decrease the quantity of labor demanded D. increase the quantity of labor demanded. 46. The demand for labor is a derived demand because A. many workers are self-employed. B. the income workers earn adds to the demand for the product C. the demand for output comes from the demand for labor D. the...
Units Sold to Break Even, Unit Variable Cost, Unit Manufacturing Cost, Units to Earn Target Income Werner Company produces and sells disposable foil baking pans to retailers for $3.00 per pan. The variable cost per pan is as follows: Direct materials $0.31 Direct labor Variable factory overhead 0.55 0.70 0.17 Variable selling expense Fixed manufacturing cost totals $250,789 per year. Administrative cost (all fixed) totals $34,199. Required: 1. Compute the number of pans that must be sold for Werner to...
d. firms act to maximize revenue c. both households and firms act to minimize expenditures 8 Mark and Charles are roommates at college. Each has written a 25-page tertn Each has written a 25-page term paper for the same English class. They are equally poor typists, Charles types his own the basis of the information given, which one of the following must be truc. a. Mark is wealthier than Charles. b. Mark needs more time to study than Charles. c....
1. A partial income statement from Webfoot Industries, Inc. is shown below: Revenues Revenue from sales of goods and services$29,000,000 Operating costs and expenses: Cost of products and services sold..$15,000,000 Selling expense$2,235,000 Administrative expenss$1,765,000 Total operating costs and expenses Income from operations $10,000,000 $19,000,000 Interest expense (corporate bonds &loans...$475,000 Non-recurring legal expenses. Income taxes Net i $285,000 .. $5,245,000 $3,995,000 Last year, Webfoot owned and occupied an officeQuilding in downtown Portland. The building could have been leased to other businesses...
Units Sold to Break Even, Unit Variable Cost, Unit Manufacturing Cost, Units to Earn Target Income Werner Company produces and sells disposable foil baking pans to retailers for $2.55 per pan. The variable cost per pan is as follows: Direct materials $0.26 Direct labor 0.53 Variable factory overhead 0.64 Variable selling expense 0.18 Fixed manufacturing cost totals $161,635 per year. Administrative cost (all fixed) totals $22,041. Required: 1. Compute the number of pans that must be sold for Werner to...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
It is expected that 15,000 units will
be sold at a price of $260 a unit. Maximum sales within relevant
range are 20,000 units.
Instructions:
Prepare an estimated income statement
What is the expected contribution margin ratio?
Determine the break-even sales in units and dollars
What is the expected margin of safety in dollars and as a
percentage of sales? Round to one decimal place
Determine the operating leverage
A Company
Estimated Income Statement
For the Year Ended December...
End ot CHaptu Answer True (T) or False (F): 1. The amount of pay a worker gets for a certain amount of work is called wages. 2. A worker who is paid by the piece is guaranteed the same fixed amount of pay every week. 3. Wages are a cost of doing business for employers. 4. In general, both employers and workers want wages to be as high as possible. 5. If employers need a service offered by an employee,...
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