Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during its first year of operations, silverman com

During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000...

50.1K

Verified Solution

Question

Accounting

During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wages. Lease payments and utilities on the production facilities amounted to $17,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $15.00 a unit. What was Silverman's net income for the first year in operation?

$7,000

$12,000

$28,000

$37,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Use this table from a survey to answer the following questions Round your answers to...

Basic Math
1.2K views

Richard could not decide on one tile so he selected several all of which can...

Finance
1.2K views

Hickock, Inc., is proposing a rights offering. Presently there are 800,000 shares outstanding at $58 each....

General Management
1.2K views

Are PERT and CPM both official tools of operations management? Also, each formalized project management plan...

Biology
1.2K views

Type the correct answer in the box Use numerals only What is a biodiversity hotspot...

Biology
1.2K views

In the lab simulation, given that BB moths are black, bb moths are white, &...

Biology
1.2K views

Question 10 Write the Suffix that means disease

Geometry
1.2K views

To indirectly measure the distance across a river Savannah stands on one side of the...

Algebra
1.2K views

Question Simplify the following expression Select the correct answer below O21 2 O 5t7 O...

Accounting
1.2K views

DIR fit-unadjusted trial balance december 31.2020 ...

Accounting
1.2K views

Please help, not sure if this is correct After categorizing...

Accounting
1.2K views

98 Chapter 2 Analyzing Transactions 4. c.$3,550 PR 2-2A Journal entries and trial balance On...