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3 years ago

Presented below are transactions related to Novak Corp.

Business

1 answer:

bearhunter [10]3 years ago

6 0

Answer:

1) December 3, 202x, merchandise sold on account to Sarasota Corp., credit terms 4/10, n/30, FOB shipping point.

Dr Accounts receivable 644,700

Cr Sales revenue 644,700

Dr Cost of goods sold 363,600

Cr Merchandise inventory 363,600

2) December 8, 202x, sales allowance granted to Sarasota Corp.

Dr Sales returns and allowances 27,400

Cr Accounts receivable 27,400

Sales returns and allowances is a contra revenue account that decreases sales revenue.

3) December 13, 202x, invoice collected from Sarasota Corp.

Dr Cash 592,608

Dr Sales discounts 24,692

Cr Accounts receivable 617,300

Sales discounts is another contra revenue account that decreases sales revenue.

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Two types of cars (Deluxe and Limited) were produced by a car manufacturer last year. Quantities sold, price per unit, and labor

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Answer and Explanation:

Labor Productivity in Units per hour

Labor Hours Productivity(In units) = Total Output / Input hours

For Deluxe Cars = 5,000 units / 21,250 hours = 0.24 units per hour (approx)

For Limited Cars = 6,250 units / 29,950 hours = 0.21 units per hour (approx)

Labor Productivity in dollars

Labor Hours Productivity(In dollars) = Total Output in dollar / (Input hours x rates)

For Deluxe Cars = (5,000 units x $8,500) / (21,250 hours x $13) = $42,500,000 / $276,250 = $153.84 per unit

For Limited Cars = (6,250 units x $10,100) / (29,950 hours x $15) = $63,125,000 / $499,250 = $126.44 per unit

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3 years ago

Parliament Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Parliam

ss7ja [257]

Answer:

Note: The complete question is attached as picture below

We are add the previous month +10% to get that month's amounts

Sales Budget

January February March

Cash sales $50,000 $55,000 $60,500

Credit sales $120,000 $132,000 $145,200

Total sales $170,000 $187,000 $205,700

Workings:

February

Cash sales = 50,000+(50,000*10%) = $55,000

Credit sales= 120,000+(120,000*10%) = $132,000

March

Cash sales = 55,000+(55,000*10%) = $60,500

Credit sales= 132,000+(132,000*10%) = $145,200

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2 years ago

Janice has two sons, Jerry and Barry. Janice is responsible for picking out what cereal Jerry and Barry will eat. Her husband, H

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Answer: Decider

Explanation:

Janice functions as a decider her family, where she decides the kind of cereal her children would consume. A decider is simply a person in charge of making decisions on an issue.

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3 years ago

Provided other eligibility requirements are met, who is eligible for Medicare?

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Answer:

Generally, Medicare is available for people age 65 or older, younger people with disabilities and people with End Stage Renal Disease (permanent kidney failure requiring dialysis or transplant). You or your spouse had Medicare-covered government employment.

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2 years ago

1. The interest rate that the Federal Reserve Bank (the Fed) charges member banks for loans is known as the____________ .

horsena [70]

Answer:

1. Discount rate.

2. Increase.

Explanation:

A Federal Reserve Bank is one of the twelve regional banks of the Federal Reserve System in the United States of America. The Federal Reserve Banks are saddled with the responsibility of implementing the monetary policy designed and provided by the Federal Open Market Committee (FOMC).

Federal Reserve System also known as the Fed, was created under the Federal Reserve Act which was passed by US Congress in 1913. The Fed began its operations in the year 1914. It's a financial institution which was founded by President Woodrow Wilson and was primarily aimed at backing each banks in order to put a definitive end to the bank panics of the 1800s.

Furthermore, just like all central banks, the Fed is a government financial institution which is saddled with these responsibilities;

1. Controlling the issuance of currency in United States of America: the Fed promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets.

2. Providing banking services to all the commercial banks in the country: the Fed is the "lender of last resort.

3. Regulating banking activities: it has the power to supervise and regulate banks.

The Federal Reserve Board is the governing body which essentially manages the Federal Reserve System and performs an oversight function on domestic monetary policies.

Additionally, the interest rate that the Federal Reserve Bank (the Fed) charges member banks for loans is known as the discount rate. Also, the Fed can increase the money supply by lowering this rate (discount rate) and thus, empowering the member banks to lend more money.

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3 years ago