Chapter 7, Problem 26E

Drake Goods reports net income of $310,000, sales of $9,200,000, and average assets of $860,000. What is the profit margin?

Answer

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Solomon Manufacturing Company began operations on January 1. During the year, it started and completed 1,790 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1 Raw materials purchased and used 2 Wages of production workers $ 3,060 $ 3,590 3 Salaries of administrative and sales personnel $ 1,915 $ 6,417 $1,760 4 Depreciation on manufacturing equipment 5 Depreciation on administrative equipment Solomon sold 1,030 units of product. Required: a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. c. Determine the total cost of goods sold.

A company sells a machinery asset which originally cost

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I am looking for the correct answer to this general accounting question with appropriate explanations.

A business had: • Assets on Dec 31, Year 1: $820,000 • Liabilities on Dec 31, Year 1: $310,000 • Owner investments in Year 2: $45,000 Dividends paid in Year 2: $25,000 • Assets on Dec 31, Year 2: $870,000 • Liabilities on Dec 31, Year 2: $290,000 What is net income for Year 2?

WHICH OF THE FOLLOWING IS AN EXAMPLE OF A LABOR COST STANDARD? A. $40 PER DIRECT LABOR HOUR B. 50 SQUARE FEET PER UNIT C. $0.95 PER SQUARE FOOT D. 0.5 DIRECT LABOR HOURS PER UNIT