All categories

2 years ago

On January 1, 2020, Novak Corp. had inventory of $56,500. At December 31, 2020, Novak had the following account balances.

Business

1 answer:

salantis [7]2 years ago

6 0

Answer:

Gross Profit ⇒ $296,500

Operating expenses ⇒ $153,500

Explanation:

Gross Profit;

= Net sales - Cost of Goods sold

Net sales = Sales revenue - sales discounts - sales returns and allowances

= 807,000 - 6,000 - 10,900

= $790,100

Cost of Goods sold

= Opening balance + Purchases + Freight-in - Purchase discounts - Purchase returns and allowances -closing balance

= 56,500 + 509,500 + 4,800 - 8,000 - 2,700 - 66,500

= $493,600

Gross Profit = 790,100 - 493,600

= $296,500

Operating Expense

Net Income = Gross profit - operating expenses

143,000 = 296,500 - operating expenses

Operating expenses = 296,500 - 143,000

= $153,500

You might be interested in

The following information pertains to Rik Co.'s two employees: Name Weekly salary Number of weeks worked in 2005 Vacation rights

Lapatulllka [165]

Answer: $1600

Explanation:

From the information given, it can be noted that while Ryan is vested, on the other hand, Todd isn't vested.

Therefore, since the vacation is for two weeks, the amount of vacation expense and liability should be reported will be for Ryan alone and this will be:

= $800 × 2

= $1600

In this case, service has already been rendered ans there's accumulated rights, therefore a vacation expense and liability of $1600 should be reported.

8 0

2 years ago

Which of the following statements about the graph are true? Select all that apply.

MrMuchimi

Answer:

Explanation:

Tanya

8 0

3 years ago

Grand Trunk Inc., a furniture manufacturing company, does not manufacture furniture until an order is received. It coordinates a

sleet_krkn [62]

Answer:

supply chain management

Explanation:

Supply chain management -

It refers to the management for the flow of services and goods along with the process that are responsible for the conversion of the raw products to final goods and services , is referred to as the supply chain management .

The process like supplying , designing , production , quality control etc. are all process in supply chain management .

Hence , from the given scenario of the question ,

The correct answer is supply chain management .

7 0

3 years ago

A ______ is different from a sole proprietorship because it is legally defined as an entity that is separate from its owners.

olga_2 [115]

Corporation goes in the blank

7 0

3 years ago

A buyer values a house at $525,000 and a seller values the same house at $485,000. If sales tax is 8% and is levied on the selle

Katena32 [7]

Answer:

$523,800

Explanation:

Given parameters:

Cost price by buyer = $525000

Selling price by seller = $485000

Sales tax = 8%

Unknown:

The lowest selling price by the seller = ?

Solution:

To solve this business problem, we must understand that the price the seller would be will to part with will be his selling price and the percentage of sales tax incurred in the procurement.

This will be the minimum and least profitable estimated amount the seller is willing to sell at.

Lowest selling price = selling price by seller + amount of sales tax incurred

Sales tax amount = selling price x sales tax percentage

= $485000 x $\frac{8}{100}$

= $38800

Lowest selling price = $485000 + $38800 = $523,800

4 0

3 years ago