Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. given the data for the 1st month of novko ltd.:

1. Given the data for the 1st month of NovKo ltd.: 2nd month: The salaries...

50.1K

Verified Solution

Question

Accounting

image

1. Given the data for the 1st month of NovKo ltd.: 2nd month: The salaries 25000 ( 40% relate to admin personnel). Rental expenses 4000 for production area, 2000 for the sales area. Utilities -400 for sales area, 800 for production. The company paid back 10000 of previous payables, received back 20% of previous receivables. The depreciation for computers is 200 per month, for production equipment -400 per month. Bought raw materials by the price 60000 . During the week 80000 of raw materials were used in production. When the ready-made production was ready, the company incurred packaging expenses -1000 , and transportation expenses -2000 on them. The goods were transported to sales area and sold with 60% mark-up. Profit tax20%. Required: a) Prepare journal entries (7 points) b) Prepare Income statement from the results of transactions (5 points) c) Prepare Balance sheet (5 points)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

You need a 25-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage bank...

Finance
Q

What is the change in enthalpy (in kJ) under standard conditions when 233.71 g of sodium...

Chemistry
Q

Discuss what is Parkinson’s disease including symptoms and prognosis, how it relates to the basic anatomy...

Medical Sciences
Q

What is the difference between n-channel MOSFET and p-channel MOSFET? Explain it based on your understanding...

Electrical Engineering
Q

3 central fringe does not exist The maxium number of possible interference maxima for slit...

Physics
Q

ENERGY DENSITY OF CAPACITOR DIELECTRIC SLAB A parallel plate air capacitor of capacitance C is...

Physics
Q

The amount of $840 is invested quarterly at 3.9% compounded semi-annually for 12 years. The...

Basic Math
Q

A student claims that the line tangent to the graph of g x In x...

Calculus
Q

Evaluate the series 9 In n n 1 n 3

Algebra
Q

a. describe the accounting treatment for employee stock options under the fair value method (SFAS...

Accounting
Q

Periodic Inventory by Three Methods The units of an item available for sale during the...

Accounting
Q

Blue Vibrance Company vende un producto utilizado en muchos procesos de fabricacin. La actividad comercial...

Accounting