1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
anzhelika [568]
2 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]2 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

You might be interested in
Auto Parts is considering a merger with Car Parts. Car Parts market-determined beta is 0.9, and the firm currently is financed w
kvasek [131]

Answer: 9.7%

Explanation:

Given Data

Rf = Risk free return = 6%,

Rpm = Risk premium = 4%,

Beta = 0.9

Wd = Debt = 20%

rd = cost of debt = 8%

We = equity = 80%

Re = Rf + Beta (Rpm)

= 0.06 +0.9 (0.04)

= 0.096 * 100

= 9.6%

Unlevered Equity Cost ;

ReU= Wd × rd + We × re

= 0.20 × 8% + 0.80 × 9.6%

= 9.28%

Levered Equity Cost:

New Debt = 60%,

New Equity = 40%,

New rd = 9%

ReL = ReU + (ReU - rd) (D ÷ E)

= 9.28% + (9.28% - 9%) (0.60 ÷ 0.40)

= 0.097 * 100

= 9.7%

5 0
3 years ago
One of the main advantages of e-marketing is _
mezya [45]
Personal interaction
8 0
3 years ago
Read 2 more answers
A promising new customer at a FINRA member firm has complained verbally to a registered representative that he lost $500 on the
GaryK [48]

Answer:

gkjhbjvghf

vghjbk,khn

Explanation:

4 0
3 years ago
The __________ is the difference between annual government expenditures and revenues.
sergiy2304 [10]
The standardized deficit <span>is the difference between annual government expenditures and revenues.
This calculation is made on the assumption that the market is on full employment. The difference between expenditures and revenues in this matter could be used to determine whether the government has run its operations efficiently or not.</span>
7 0
3 years ago
Read 2 more answers
Jessie's business sells souvenirs and craft items to tourists in Myrtle Beach, South Carolina. This is an example of a ____ busi
Alla [95]

It should be noted that Jessie is into a Distribution business when she sells souvenirs and craft items to tourists in Myrtle Beach, South Carolina.

<h3>What is Distribution business all about?</h3>

Distribution in business can be regarded as an activity of both selling and delivering products and services from manufacturer to customer.

It often called product distribution and it helps to ensure that customers and all members of the distribution channel are happy.

Learn more about Distribution business at:

brainly.com/question/24448358

7 0
2 years ago
Other questions:
  • Content analysis is:
    15·1 answer
  • On January 1, a company issues bonds dated January 1 with a par value of $310,000. The bonds mature in 5 years. The contract rat
    8·1 answer
  • Taylor Inc. has some material that originally cost $65,500. The material has a scrap value of $56,300 as is, but if reworked at
    7·1 answer
  • Element Corporation reported the following equity section on its current balance sheet.
    13·1 answer
  • Business partners Arnetta and Xavier are designing their new office space and furnishings. They want to communicate success and
    14·1 answer
  • In horizontal analysis the percent change is computed by: Multiple Choice Subtracting the analysis period amount from the base p
    13·1 answer
  • Revenues, Expenses, and Cost of Goods Sold are closed to which of the following accounts:_________
    14·1 answer
  • Which action would be most likely to affect whether scroll bars appear in a Word document?
    14·1 answer
  • On January 1, 2017, Waterway Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base
    11·1 answer
  • All of the following would affect the position of the supply curve for cranberries, except: Question 28 options: the price of ag
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!