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3 years ago

Information related to Novak Corp. is presented below.

Business

1 answer:

DochEvi [55]3 years ago

6 0

Answer:

April 5

Debit Inventory $28,700

Credit Accounts Payable $28,700

April 6

Debit Inventory $600

Credit Cash $600

April 7

Debit Equipment $29,700

Credit Accounts Payable $30,000

April 8

Debit Accounts Payable $3,400

Credit Inventory $3,400

April 15

Debit Accounts Payable $25,300

Credit Cash $24,541

Credit Inventory $759

Explanation:

Preparation of the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system

April 5

Debit Inventory $28,700

Credit Accounts Payable $28,700

April 6

Debit Inventory $600

Credit Cash $600

April 7

Debit Equipment $29,700

Credit Accounts Payable $30,000

April 8

Debit Accounts Payable $3,400

Credit Inventory $3,400

April 15

Debit Accounts Payable $25,300 ($28,700-$3,400)

Credit Cash $24,541

($25,300 x 97%)

Credit Inventory $759

($25,300 x 3%)

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Pinewood Department Store reported the following information for 2020: October November December Budgeted sales $1,300,000 $1,60

Elanso [62]

Answer:

$1,420,000

Explanation:

Total sales of October = $1,300,000. Collected in November = (60% of 1,300,000) = $780,000

November sales = $1,600,000. 40% sales of November = $640,000

Total cash collection = $780,000 + $760,000

Total cash collection = $1,420,000

So, the cash that Pinewood will receive in November is $1,420,000.

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3 years ago

Following are income statements for Hossa Corporation for 20X1 and 20x2. Percentage of sales amounts are also shown for each ope

I am Lyosha [343]

Please find full question attached Answer and Explanation:

Please find full answer and explanation attached

We have done a change analysis using data from Hossa's net income statement

From the analysis we can observe that only increase in sales brings a positive effect and therefore the result of increase in net income

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3 years ago

The following information is available for Marin Inc. for three recent fiscal years. 2022 2021 2020 Inventory $565,000 $572,000

Nataly_w [17]

Answer:

Inventory turnover for 2022 = 1.25

Inventory turnover for 2021 = 1.3

Days Sales in Inventory for 2022= 145.10

Days Sales in Inventory for 2021= 180.044

Gross Profit Rate for 2022= 473750/1,895,000*100= 25%

Gross Profit Rate for 2021= 0.35 * 100= 35%

Explanation:

2022 2021 2020

Inventory $565,000 $572,000 $320,000

Net sales 1,895,000 1,784,000 1,360,000

Cost of goods sold 1,421,250 1,159,600 930,000

Inventory turnover= Cost Of Goods Sold/ Average Inventory

Inventory turnover for 2022 = 1,421,250/ $565,000 + $572,000

Inventory turnover for 2022 = 1,421,250/ 1137,000

Inventory turnover for 2022 = 1.25

Inventory turnover for 2021 = 1,159,600/$572,000 + $320,000

Inventory turnover for 2021 = 1,159,600/892,000

Inventory turnover for 2021 = 1.3

Days Sales in Inventory for 2022 = Ending Inventory/ Cost Of Goods Sold * 365

Days Sales in Inventory for 2022 =($565,000/1,421,250)*365

Days Sales in Inventory for 2022 =(0.3975)*365

Days Sales in Inventory for 2022= 145.10

Days Sales in Inventory for 2021 = Ending Inventory/ Cost Of Goods Sold * 365

Days Sales in Inventory for 2021 =$572,000 / 1,159,600 * 365

Days Sales in Inventory for 2021= 0.4933*365

Days Sales in Inventory for 2021= 180.044

Gross Profit Rate= Gross Profit/ Sales * 100

Gross Profit Rate= Sales - Cost Of Goods Sold / Sales * 100

Gross Profit Rate for 2022= 1,895,000-1,421,250/1,895,000* 100

Gross Profit Rate for 2022= 473750/1,895,000*100= 25%

Gross Profit Rate for 2021= 1,784,000 -1,159,600/ 1,784,000 * 100

Gross Profit Rate for 2021= 624,400/1,784,000 * 100

Gross Profit Rate for 2021= 0.35 * 100= 35%

6 0

4 years ago

Walter is the manager of sales operations at Woode Industries. He has to define the sales goals for the forthcoming financial ye

Sloan [31]

Answer:

goals must be challenging, requiring hard work

Explanation:

Based on the information provided within the question it can be said that in this scenario the best guideline would be that the goals must be challenging, requiring hard work. Making the goals challenging would ensure that no one individual can do it by themselves, thus encouraging teamwork among the group, thus framing effective team goals.

6 0

3 years ago

On December 1, 2010, Lester Company issued at 103, two hundred of its 9%, $1,000 bonds. Attached to each bond was one detachable

Luden [163]

Answer:

B) $195,700.

Explanation:

issued at 103 of 1,000:

200 bonds x $ 1,000 x 103/100 = 206,000

Nopw we solve lie this was an acquisition under lump sum, we have to weight each concept market value and apply it agaisnt the actual proceeds:

$\left[\begin{array}{cccc}Item&Value&Weight&Allocated\\$Bonds&190000&0.95&195700\\$Warrants&10000&0.05&10300\\&&&\\$Total&200000&1&206000\\\end{array}\right]$

190,000 / 200,000 = 0.95

10,000 / 200,000 = 0.05

Then we multiply this by the 206,000 proceeds.

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3 years ago