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Using the information below, calculate gross profit for the period: Beginning Raw Materials Inventory$25,000 Ending Raw Mater

nevsk [136]

Answer:

Gross Profit 714,000

Explanation:

Gross Proft: is the diference between the sales revenue and the cost of the goods sold.

Sales revenue 1,254,000

Cost of Goods Sold (540,000)

Gross Profit 714,000

note: All the other account and values are irrelevant to determinate the gross profit.

Other way to calculate gross profit:

(sale price per unit - cost per unit) x unit sold

5 0

4 years ago

In the context of information technology in workplaces, clerical workers using computers for word-processing tasks is an example

s344n2d4d5 [400]

In the context of information technology in workplaces, clerical workers using computers for word-processing tasks is an example of job upgrading. Clerical workers usually have routine work in the office which involves administrative tasks or documentation. The use of computers helps them perform these tasks.

6 0

4 years ago

Last year, the House of Orange had sales of $826,650, net operating income of $81,000, and operating assets of $84,000 at the be

seropon [69]

Answer:

The company's turnover rounded to the nearest tenth: C) 9.5

Explanation:

Asset turnover helps investors understand how effectively companies are using their assets to generate sales. Asset turnover is calculated by using following formula:

Asset Turnover = Total Sales or Revenue/ Average Total Assets

where:

Average Total Assets = (Beginning Assets + Ending Assets )/2 = (Assets at the beginning of year +Assets at end of year )/2

In the House of Orange:

Average Total Assets = ($84,000 + $90,000)/2 = $87,000

Asset Turnover = $826,650/$87,000 = 9.5

7 0

3 years ago

Natick Industries leased high-tech instruments from Framingham Leasing on January 1, 2021. Natick has the option to renew the le

lesantik [10]

Answer:

1-Jan-21

Dr Right- of-use asset $250,177

Cr Lease payable $250,177

1-Jan-21

Dr Lease payable $11,000

Cr Cash $11,000

31-Mar-21

Dr Interest expense $2,392

Dr Lease payable $8,608

Cr Cash $11,000

31-Mar-21

Dr Amortization expense $12,509

Cr Right-of-use asset $12,509

Explanation:

Preparation of the appropriate entries for Natick Industries from the beginning of the lease through March 31, 2021.

Journa Entry- Lease-Natick Industries

1-Jan-21

Dr Right- of-use asset

($11,000 * PVAF at 1%for 0-20)

($11000*22.74336) $250,177

Cr Lease payable $250,177

(To Record Lease at Inception)

1-Jan-21

Dr Lease payable $11,000

Cr Cash $11,000

(To Record First Lease Payment made)

31-Mar-21

Dr Interest expense

[($250,177 - 11000 )*1%] $2,392

Dr Lease payable $8,608

($11,000-$2,392)

Cr Cash $11,000

(To Record Second Lease Payment made)

31-Mar-21

Dr Amortization expense

($250,177/ 20) $12,509

Cr Right-of-use asset $12,509

(To Record Amortisation Expense)

4 0

3 years ago

The Pak-It-Your-Way Company makes custom packaging of all kinds. The firm has evolved into a big business due to quality and inn

lozanna [386]

Answer:

Social Audit

Explanation:

The Pak-It-Way Company makes custom packaging of all kinds . The firm has evolved into a big business due to quality and innovative work . Recently , top management asked company departments to list and evaluate the kinds of socially responsible efforts conducted internally and externally in the business and also to list negative occurrences that supervisors observed . Top management is essentially conducting a social audit.

Social audit is an audit to examine how an organisation is behaving or working for its employees , society and environment.

Social audit helps in encouraging the participation of the community , it also helps in encouraging the local democracy, it promotes the decision making and helps in developing the human resources.

Social audit has wide coverage , it is evaluated very systematically , it is always conducted in a regular period of time , it measures the social performance of the organisation towards its employees society and the environment. But social audit is difficult to conduct.

8 0

3 years ago