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uranmaximum [27]
2 years ago
11

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

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Bonita Company is trying to determine the equivalent units for conversion costs with 4500 units of ending work in process at 70%
kicyunya [14]

Answer:

43150 units

Explanation:

For computing the equivalent units of production for conversion costs, first, we have to find the sale units which is shown below:

= Production units for material - ending work in progress units

= 44,500 units - 4,500 units

= 40,000 units

Now the ending work in progress units for conversion would be

= Ending work in progress units × percentage of completion

= 4,500 units × 70%

= 3,150 units

So, the equivalent units of production for conversion costs would be

= Sale units + ending work in progress units for conversion

= 40,000 units + 3,150 units

= 43,150 units

3 0
2 years ago
During 2019, its first year of operations, Bento Steel Corporation reported a net operating loss of $500,000 for financial repor
erastovalidia [21]

Answer:

The amount of net income reported in 2020 income statement would be $75,000.

Explanation:

Pretax accounting income for 2020 = $100,000

Income tax expense for 2020 = Current tax + Reversal of Deferred tax assets

= ($100,000 - $100,000)*25% + ($100,000*25%)

= $25,000

Amount of net income reported in 2020 income statement = Pretax accounting income - Income tax expense

= $100,000 - $25,000

= $75,000

Therefore, The amount of net income reported in 2020 income statement would be $75,000.

8 0
3 years ago
Adding or deleting features and functions from an existing product platform is: Group of answer choices A high-end strategy. The
LuckyWell [14K]

b. The optional pricing strategy (O.P.)

More about optional pricing:

When a company uses optional product pricing, it sets a base product at a lower cost and additional, optional products at a higher price to make up for any losses. Optional products are not required for the base product to function, but they typically improve the customer experience.

The two key components of optional product pricing:

  • A base product is the main draw for the customer or the reason they are purchasing. It meets the needs of the customer and does not require the optional product to function.
  • A complimentary product(s): A product that a customer who purchased the base product is likely to purchase in order to improve their experience with the base product.

Learn more about pricing here:

brainly.com/question/17234963

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4 0
1 year ago
In terms of the tax formula applicable to individual taxpayers, which of the following statements, if any, is correct?
creativ13 [48]

Answer:

The correct answer is a. In arriving at taxable income, a taxpayer must choose between the standard deduction and itemized deductions.  

Explanation:

In tax law, the tax base is the magnitude that results from the measurement of the taxable event. It is defined as the dimension or magnitude of an element of the objective budget of the taxable event that is judged as determining the relative contributory capacity.

In tax legal relations, the taxable event shows the existence of an economic capacity in the subjects, but for the tax to be applied, this fact must be assessed in some way, usually in monetary units.

The tax base is ultimately the magnitude that is used in each tax to measure the economic capacity of the subject, such that it is reflected in ceilings.

7 0
3 years ago
Which best explains why producers choose to specialize? choose two answers. to increase competition to gain a comparative advant
Svetradugi [14.3K]

The reasons why producers choose to specialize are:

  1. to gain a comparative advantage
  2. to increase efficiency.

<h3>What is specialization?</h3>

Specialization is when a producer concentrates on the production of some particular goods and services.

Advantages of specialisation

  • It increases economies of scale
  • It increases the efficiency of the producer

To learn more about comparative advantage, please check: brainly.com/question/25139916

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6 0
2 years ago
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