On January 1, 2020, Novak Corp. had inventory of $56,500. At December 31, 2020, Novak had the following account balances. Freight-in $4,800
Purchases 509500
Purchase discounts 8000
Purchase returns and allowances 2700
Sales revenue 807000
Sales discounts 6000
Sales returns and allowances 10,900
At December 31, 2020, Novak determines that its ending inventory is $66,500.
Required:
Compute Novak's 2020 gross profit.
Compute Novak's 2020 operating expenses if net income is $143,000 and thre are no nonoperating activities.

Which of the following statements is true regarding the definition of a fund? a fund is a fiscal entity which is designed to provide reporting that demonstrates conformance with finance-related legal and contractual provisions separately from gaap reporting. a fund exists to assist in carrying on activities and attaining objectives where there are no specific rules or restrictions. a fund is an accounting entity which is designed to enable reporting in conformity with gaap without being restricted by legal or contractual provisions. a fund is a mechanism developed to provide accounting for revenues and expenditures that are subject to certain restrictions separate from revenues and expenditures that are not subject to restrictions.

Is exploiting a distinctive competence or improving efficiency for competitive advantage. (a) cooptation (b) coalition (c) competitive intelligence (d) competitive aggression (e) smoothing

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period