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yanalaym [24]
3 years ago
7

Question 16 (3 points) The 2011 and 2012 Balance Sheets for Jacob, Inc. contained the following entries: 12/31/201112/31/2012 Ac

counts receivable$206$116 Inventories$590$603 Net fixed assets$102$307 Accounts payable$329$333 Jacob had materials purchases in 2011 of $1,689 and materials purchases in 2012 of $2,770 . What did Jacob record as Cost of Goods Sold (COGS) on its 2012 income statement
Business
1 answer:
maria [59]3 years ago
7 0

Answer:

$2,857

Explanation:

Cost of goods sold (COGS) refers to the relevant cost incurred to acquire or produce the products being sold a company during a particular period.

The formula for calculating the COGS is as follows:

COGS = Beginning inventories + Purchases - Ending inventories

From the question, we have the following for 2012:

Beginning stock = $590

Purchases = $2,770

Ending inventory = 503

Therefore, we have:

COGS for 2012 = $590 + $2,770 - $503 = $2,857

Therefore, Jacob should record $2,857 as Cost of Goods Sold (COGS) on its 2012 income statement.

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Because of global competition and advances in new information technology, tasks and responsibilities for managers have
Triss [41]

Answer:

"Become more intense " is the right answer.

Explanation:

  • Global or Economic competition seems to be on the market for several years with environmental regulations being reduced and that many markets liberalized.
  • A commonly held view of intensified global competition is its impact on individuals' tendency to find employment or maintain their present employment.

So that the above is the correct approach.

4 0
3 years ago
What percentage profit is made on a sale if the selling price is $225,000 and the purchase price is $190,000?
IgorLugansk [536]

The percentage profit = 18%

A profit is made on sale with selling price more than the purchasing price. The purchasing price is also known as the cost price.

Given the selling price = $225000

and the purchasing price = $190000

Since the selling price is more than the purchasing price, there is obviously a profit gained.

Now profit amount = Selling price - Purchasing price

                                = 225000-190000 = $35000

Profit percentage = (Profit / Purchasing price) x 100%

                             = (35000 / 190000) x 100%

                             = 18.42%

Learn more about profit at brainly.com/question/19104371

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5 0
1 year ago
1. What is the difference between pricing objectives and pricing constraints?
yarga [219]

Answer: pricing constraints are factors that limit the range of price a firm May set,such as newness of the product (alternative) , demand for the product class, product, and brand (alternative), cost of producing in marketing the product (alternative), competitors prices.

Pricing objectives-include maximizing profit, increasing sales volume, matching competitors prices,each pricing requires a different price-setting strategy in order to successfully achieve.

Explanation:

8 0
3 years ago
When a member searches for new solutions that will achieve both the individual goals of group members and the group goals, what
guajiro [1.7K]
Accommodating conflict style is being used.
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
2 years ago
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