During Its First Year of Operations,Silverman Company Paid $14,000 for Direct

question 63

Multiple Choice

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?

• A) $7,000
• B) $12,000
• C) $28,000
• D) $37,000

---

Definitions:

Canadian Labour Laws

The body of law that regulates the rights, restrictions, and obligations of workers, unions, and employers in Canada.

Disengagement Theory

A theory suggesting that as people age, they gradually withdraw from participation in society and are simultaneously relieved of responsibilities, resulting in mutual disengagement beneficial to both society and individuals.

New Identity

The development or adoption of a new sense of self or persona, which can result from life changes, personal growth, or social transitions.

Chronic Diseases

Long-lasting illnesses that can be controlled but not usually cured.