Homework Answers
Explicit cost = Rent + equipment rent + wages + supplies
= 1000 + 200 + 4000 + 1000
= 6200
Economic profit = Revenue - explicit cost - implicit cost
-500 = 6500 - 6200 - implicit cost
implicit cost = 300 + 500 = 800
implicit cost is forgone salary after quiting job
therefore option B is correct answer ie. you accounted for lost salary of 800
Add Answer to:
1. Suppose you quit your job to start a business. In the first month, your total revenue was $6,500. You paid $1,00...
Barney decides to quit his job as a corporate accountant, which pays $12,000 a month, and...
Barney decides to quit his job as a corporate accountant, which pays $12,000 a month, and goes into business for himself as a certified public accountant. He runs his business from his converted garage apartment, which he could rent out for $325 a month if he wasn’t using it as a home office. He must purchase office supplies worth $80 a month, and his monthly electricity bill has increased by $60 now that he is working out of his home...
1) The supplies account has a balance of $3,000 at the beginning of the year and...
1) The supplies account has a balance of $3,000 at the beginning of the year and was debited during the year for $1,400, representing the total of supplies purchased during the year. If $800 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is ______________? 2) ABC, Inc. Made a Prepaid Rent payment of $4,000 on January 1st. The company's monthly rent is $800. The...
Suppose you start a lawn mowing business. Some venture capitalists give you $40,000 in exchange for...
Suppose you start a lawn mowing business. Some venture capitalists give you $40,000 in exchange for stock in your company. You buy equipment for your business at a total cost of $10,000. You pay 30% down and finance the remainder with a note payable. A truck is necessary to haul the equipment to the various jobs. You acquire this at a cost of $15,000; $2,000 down and a note for the remaining $13,000. You find a garage to lease to...
1. a) Selected transactions for Garver Company during its first month in business are presented below....
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
Pictures are for part A. Part b asks to compute the cost of producing one helmet...
Pictures are for part A. Part b asks to compute the cost of
producing one helmet
Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is wel ccepted by at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing cost and other expense data are as follows. Rent on factory equipment $12,100 Insurance on factory building 2,500 Raw materials (plastics, polystyrene, etc.) 77,700 Utility costs for factory 1,000 Supplies for general office 400...
Current Attempt in Progress Ohno Company specializes in manufacturing a unique model of bicycle helmet. The...
Current Attempt in Progress Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing cost and other expense data are as follows. $11.900 2.300 80.500 Rent on factory equipment Insurance on factory building Raw materials (plastics, polystyrene, etc.) Utility costs for factory Supplies for general office Wages for...
Problem #1 Mr. Blue is a licensed skin doctor. During the first month of the operation...
Problem #1 Mr. Blue is a licensed skin doctor. During the first month of the operation of his business, the following events and transactions occurred. · April 1 Invested $20,000 cash in his business. · 1 Hired a secretary-receptionist at a salary of $700 per week payable monthly. · 2 Paid office rent for the month $1,100. · 3 Purchased doctor office’s supplies on account from Dazzle Company $4,000. · 10 Performed medical services and billed insurance companies $5,100. ·...
Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted...
Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing cost and other expense data are as follows. Rent on factory equipment Insurance on factory building Raw materials (plastics, polystyrene, etc.) Utility costs for factory Supplies for general office Wages for assembly line workers Depreciation on office equipment...
Sheffield Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted...
Sheffield Company specializes in manufacturing a unique model of
bicycle helmet. The model is well accepted by consumers, and the
company has enough orders to keep the factory production at 10,000
helmets per month (80% of its full capacity). Sheffield’s monthly
manufacturing cost and other expense data are as follows.
Problem 14-01A a-b (Video) (Part Level Submission) Sheffield Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough...
Problem 10-1 (Part Level Submission) Cheyenne Company specializes in manufacturing a unique model of bicycle helmet....
Problem 10-1 (Part Level Submission)
Cheyenne Company specializes in manufacturing a unique model of
bicycle helmet. The model is well accepted by consumers, and the
company has enough orders to keep the factory production at 10,000
helmets per month (80% of its full capacity). Cheyenne’s monthly
manufacturing cost and other expense data are as follows.
Rent on factory equipment
$11,500
Insurance on factory building
2,490
Raw materials used (plastics, polystyrene, etc.)
77,400
Utility costs for factory
910
Supplies for general...
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
Pictures are for part A. Part b asks to compute the cost of
producing one helmet
Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is wel ccepted by at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing cost and other expense data are as follows. Rent on factory equipment $12,100 Insurance on factory building 2,500 Raw materials (plastics, polystyrene, etc.) 77,700 Utility costs for factory 1,000 Supplies for general office 400...
Current Attempt in Progress Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing cost and other expense data are as follows. $11.900 2.300 80.500 Rent on factory equipment Insurance on factory building Raw materials (plastics, polystyrene, etc.) Utility costs for factory Supplies for general office Wages for...
Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing cost and other expense data are as follows. Rent on factory equipment Insurance on factory building Raw materials (plastics, polystyrene, etc.) Utility costs for factory Supplies for general office Wages for assembly line workers Depreciation on office equipment...
Sheffield Company specializes in manufacturing a unique model of
bicycle helmet. The model is well accepted by consumers, and the
company has enough orders to keep the factory production at 10,000
helmets per month (80% of its full capacity). Sheffield’s monthly
manufacturing cost and other expense data are as follows.
Problem 14-01A a-b (Video) (Part Level Submission) Sheffield Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough...
Problem 10-1 (Part Level Submission)
Cheyenne Company specializes in manufacturing a unique model of
bicycle helmet. The model is well accepted by consumers, and the
company has enough orders to keep the factory production at 10,000
helmets per month (80% of its full capacity). Cheyenne’s monthly
manufacturing cost and other expense data are as follows.
Rent on factory equipment
$11,500
Insurance on factory building
2,490
Raw materials used (plastics, polystyrene, etc.)
77,400
Utility costs for factory
910
Supplies for general...
Most questions answered within 3 hours.
-
The activation energy for a given reaction is 50.3 kJ/mol. If
the rate constant for the...
asked 14 minutes ago -
An entomologist discovers a dung beetle rolling a ball of dung
along the ground, and decides...
asked 1 hour ago -
Humans have used horses for transportation for millions of
years. Therefore, they will use horses for...
asked 3 hours ago -
The following are the Jensen Corporation's unit costs of making
and selling an item at a...
asked 4 hours ago -
Does direct Medicare reimbursement of Advanced practice nurses
increase access to their services?
asked 5 hours ago -
List and explain why a company would choose to use a
published
compensation survey vs. creating...
asked 5 hours ago -
A discrete random variable X can take values from 1 to 10. Find
the variance of...
asked 5 hours ago -
The primary financial goal of a corporation is to maximize:
shareholders wealth.
earnings per share.
stock...
asked 5 hours ago -
determine whether the vectors u=(1,2,3,), v=(-2,1,0) and
w=(1,0,1) are linearly dependent or independent.
asked 5 hours ago -
python
Define a function called print_values which takes a dictionary
object as a parameter. The function...
asked 6 hours ago -
In Chapter 1 you created a program named Triangle in
which you displayed a seven-line triangle...
asked 6 hours ago -
Research question: What are the differences between separately
stated and non separately stated transactions in an...
asked 7 hours ago