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Brut [27]
3 years ago
8

Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost $77 each. During June,

(1) the company purchased 338 units at $77 each, (2) returned 14 units for credit, and (3) sold 281 units at $113 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Deffense [45]3 years ago
5 0

Answer:

Novak Company Journal. $

June 1

1. Purchases Dr. 26,026

Vendor. Cr. 26,026

Narration purchase of stock

2.Vendor Dr 1078

Return outward Cr. 1078

Narration. Return on goods purchased.

3. Customer Dr 31753

Sales. Cr. 31753

Narration. Good sold to customer

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Answer:

The debit adjustment to equipment would be $30,000.

Explanation:

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Debit adjustment to equipment = Purchase price of the equipment - Amount received for the equipment by Mortar from Granite = $400,000 - $370,000 = $30,000

Therefore, the debit adjustment to equipment would be $30,000.

8 0
3 years ago
Which of the following statements is TRUE about a career?
spin [16.1K]

Answer:b. A career is a series of steps or accomplishments working towards a lifelong ambition or goal.

Explanation:

8 0
3 years ago
In one year, Hitech Microdevices will pay a common stock dividend of $4.35. You predict that you will be able to sell your Hitec
Andre45 [30]

Answer:

Price to be paid now = $52.89

Explanation:

<em>The Dividend Valuation Model is a technique used to value the worth of an asset. According to this model, the worth of an asset is the sum of the present values of its future cash flows discounted at the required rate of return. </em>

T<em>he stock would be held for just a period, hence we would use the single period return model. This is given as follows:</em>

Price now  = D/(1+r) + P×(1+r)

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Price to be paid now = $52.89

7 0
2 years ago
A firm has a debt-to-equity ratio of .5 and a market-to-book ratio of 2. What is the ratio of the book value of debt to the mark
ahrayia [7]

Answer: 0.25

Explanation:

The The debt-to-equity ratio is calculated when the total liabilities of w company is divided a by the shareholder equity while the book-to-market ratio is used to know a company's value by comparing the book value of the company to its market value.

Since the firm has a debt-to-equity ratio of .5 and a market-to-book ratio of 2. The ratio of the book value of debt to the market value of equity will be:

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5 0
3 years ago
A donor provides a large cash contribution that is to be used for acquisition of a new building. Under FASB standards, how would
jarptica [38.1K]

Answer:

B. Investing activity.

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Investing activity refers to payment for acquisition of assets like a new building. It is an investing activity because the asset is expected to generate returns in terms of savings in rent.

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