Answered: TASK TIME SPENT HOURS PER YEAR…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Curley Maple has produced handcrafted tables for wholesale in his woodworking shop for the past year. He worked 6 days a week, 10 hour per day for 49 weeks of the year, leaving 3 weeks for holidays, vacation, and sick days.

Curley has used up his savings over the past year, and now he needs to begin to draw an income from the business. Worried he is not pricing his tables correctly, curley decided to analyze the detailed records of his time and expenses that he has kept for the past year. Complete the chart:

TASK
TIME SPENT
HOURS PER YEAR
Bookkeeping
2 hours/week
Cleaning and maintenance
3 hours/week
Marketing and promotion
4 hours/week
Ordering materials
2 hours/week
Shipping and packing
2 hours/week
Trade show attendance:
Packing
3 days/year
Travel
6 days/year
Set-up time
3 days/year
Selling
9 days/year
TOTAL NON-PRODUCTIVE HOURS PER YEAR =

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