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anzhelika [568]
3 years ago
8

Novak Corp. had the following account balances at year-end: Cost of Goods Sold $61,200; Inventory $14,550; Operating Expenses $2

9,960; Sales Revenue $120,310; Sales Discounts $1,080; and Sales Returns and Allowances $1,750. A physical count of inventory determines that merchandise inventory on hand is $12,180.
Prepare the adjusting entry necessary as a result of the physical count.
Business
1 answer:
olya-2409 [2.1K]3 years ago
8 0

Answer:

Journal entry

Explanation:

The adjusting entry for the physical count is as follows          

Cost of goods sold $2,370

       To Inventory $2,370

(Being the adjusted balance is recorded)

The computation is shown below:

= Year end Inventory - physical count of inventory

= $14,550 - $12,180

= $2,370

We simply deducted the physical count of inventory from the year end inventory to find out the adjusted balance which is shown above

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Answer:

Explanation:

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In a lot of circumstances such behavior could harm the trust and relationship between manager and the team.

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3 0
3 years ago
The equipment necessary for a 4 year project will cost $3,300,000 and can be sold for $650,000 at the end of the project. The as
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Answer: $618,096

Explanation:

Accumulated depreciation after 5 years = 20% + 32% + 19.2% + 11.52

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= $570,240

Gain on sale = Salvage value - Net book value

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Aftertax salvage value = 650,000 - (Gain on sale * tax)

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6 0
3 years ago
Vince’s Vehicle Repairs has a gross profit margin of 60% and a net profit margin of 22%. Turnover was £180000. Calculate:
sammy [17]

Answer:

Vince's Vehicle Repairs

The Cost of Sales is:

= $72,000.

Explanation:

a) Data and Calculations:

Turnover = $180,000

Gross profit margin = 60%

Net profit margin = 22%

Gross profit margin = Gross profit/Turnover * 100

60% = Gross Profit/$180,000 * 100

Therefore, the Gross Profit = $180,000 * 60%

Gross Profit = $108,000

Cost of sales = Turnover - Gross profit (100% - 60%)

Cost of sales = $180,000 - $108,000

= $72,000

Alternatively, Cost of Sales:

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Answer:

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Explanation:

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