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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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Compute the Work-In-Process transferred to the finished goods warehouse on April 30 using the following information:
Marina CMI [18]

Answer:

$910

Explanation:

Computation for the Work-in-Process transferred to the finished goods warehouse on April 30

Using this formula

Work-in-Process transferred to finished goods warehouse=Work-In-Process Inventory, April 1+(Direct materials used in production+Direct labor costs incurred +Manufacturing overhead costs)-Work-In-Process Inventory, April 30

Let plug in the formula

Work-in-Process transferred to finished goods warehouse=$270 + ($195 + $370 + $320) - $245

Work-in-Process transferred to finished goods warehouse=$270 +$885-$245

Work-in-Process transferred to finished goods warehouse= $910

Therefore the Work-in-Process transferred to the finished goods warehouse on April 30 is $910

8 0
2 years ago
Tony borrows $1300 at an annual interest rate of 6.0%. He receives the loan on the first day of the current month and will make
Vladimir [108]

Answer:

Tony will pay interest of $6.50 as part of the first loan payment.

Explanation:

Amount of Loan = $1300

Annual Interest  = 6%

Monthly interest rate = 6% / 12 = 0.5%

Monthly Loan Payment = $57.62

Monthly installment is compromised of the interest payment on the due balance and the principal payment.

Interest payment in first installment = $1300 x 0.5%

Interest payment in first installment = $6.50

Principal portion of first installment = $57.62 - $6.50

Principal portion of first installment = $51.12

4 0
3 years ago
In about 100 words, outline the advantages of using RFID technology instead of bar code scanning technology in managing the inve
STatiana [176]

Answer:

(1) RFID TAGS FROM A GREATER DISTANCE THAN BARCODE WHEN TAGGING INVENTORIES.

(2) RFID TAGS CAN BE READ AT A FARTHER DISTANCE THAN BARCODE.

(3) RFID TAG MUST NIT BE IN LINE WITH THE SCANNER FOR IT TO IDENTIFY AND READ INVENTORIES.

Explanation:RFID(RADIO FREQUENCY IDENTIFICATION) uses electromagnetic fields to track and identify by reading and capturing the information stored on a tag attached to an object. It is a generally accepted and has been widely used in variety of industries including Supply chain,Human resources, inventory management etc

(1) RFID TAGS FROM A GREATER DISTANCE THAN BARCODE WHEN TAGGING INVENTORIES.

(2) RFID TAGS CAN BE READ AT A FARTHER DISTANCE THAN BARCODE.

(3) RFID TAG MUST NOT BE IN LINE WITH THE SCANNER FOR IT TO IDENTIFY AND READ INVENTORIES.

7 0
3 years ago
If investors from Denmark increase purchases of U.S. securities, which of the following is true regarding the demand for dollars
saw5 [17]

Answer:

Increase / Increase.

Explanation:

Increase purchases of the U.S securities by the Denmark investors will place an increase on both the demand for U.S. dollar and international value of U.S. dollar since the business is done with the U.S dollar.

3 0
3 years ago
Assume that Jack, Hal, and Sophia enter into a valid contract for the sale of the restaurant and for the covenant not to compete
Salsk061 [2.6K]

Answer: Reformation

Explanation: In simple words, reformation refers to a process in which something is changed in the current subject to set it again on the right path.

In the given case, the judge believes that the time period set for avoiding the competition is unusually long. Thus, they can reform the contract to make it suitable and justified for all the parties involved.

6 0
3 years ago
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