User Account

All Pages

Calculate the estimated cost of inventory destroyed in fire

Assignment Help Accounting Basics
Reference no: EM133027222

Question - Select information for Brewers Corp.'s inventory was available as follows for calendar 2020:

Sales $750,000

Net purchases 360,000

Beginning inventory 225,000

Brewers' gross profit on sales was 45% last year, its first year of operations. A fire on December 31, 2020, destroyed the entire inventory.

Required -

a) Using the gross profit method, calculate the estimated cost of the inventory destroyed in the fire.

b) Prepare entries on December 31, 2020, to close the inventory accounts.

Reference no: EM133027222

Questions Cloud

Determine the beta for Barges : Assume that the risk-free rate is 5%, and the market risk premium is 6%. If no unsystematic influence affected Barges' return, determine the beta for Barges
What could they do to keep him better engaged : The quality of Tommy's work has not suffered, but the store managers can tell that he is getting bored. What could they do to keep him better engaged?
Compute the company WACC : Compute the company's WACC. Is this WACC considered reasonable given the assumptions and other relevant information? Explain
Believe that boycotts are an effective union tactic : Research an article (and attach to your initial post) from a reputable periodical ( e.g. NY Times, Washington Post, Forbes, Atlantic Monthly or a professional j
Calculate the estimated cost of inventory destroyed in fire : Brewers' gross profit on sales was 45% last year, its first year of operations. Calculate the estimated cost of inventory destroyed in fire
What annual rate of return must kirk earn on his investment : Kirk currently has $4,565 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring
What the similarities of individual and business insurance : What are the similarities of individual insurance and business insurance? What are the differences between the two types of insurance
Current organizational chart of google : 1. Provide details/data to prove that Google is successful in transitioning from a traditional hierarchical organizational structure to HR Matrix.
What is the amount of liability for warranty reported : What is the amount of liability for warranty reported in Sam Company's December 31, 2021 statement of financial position

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd