Calculating total inventory destroyed in fire

Assignment Help Accounting Basics
Reference no: EM1355780

A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to April 10 of 2014.

Beginning inventory on Jan. 1 $ 45,000
Net purchases from 1/1 to 4/10 252,000
Net sales from 1/1 to 4/10 378,000
Normal gross profit percentage 37%

Estimate the amount of merchandise destroyed in the fire using the gross profit method:

Reference no: EM1355780

Questions Cloud

Journal entries for bond issuance-interest and amortization : Please describe how to prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.
What is the average induced emf in the coil : A neutron star has a mass of 2.0*10^30 kg (about the mass of our sun) and a radius of 5.2*10^3 m (about the height of a good-sized mountain). assume an object falls from rest near the surface of such a sta
Illustrate what implicit assumptions are the publisher : The Wall Street Journal's experience after it increased its price to 75 cents. Illustrate what implicit assumptions are the publisher and the analyst making about price elasticity.
Determine the goal of negotiating : Determine the goal of negotiating? Discuss and explain why is planning critical to the negotiation processand when would an organization negotiate for an item or product instead of releasing a simple purchase order?
Calculating total inventory destroyed in fire : A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to A..
Canadian code of ethics for psychologists : Which Decision Making Model Do YOU prefer? Choose one: The model outlined in Bersoff's commentary on p.146 - 147, OR the Ethical Decision Making Process as outlined in the Canadian Code of Ethics for Psychologists
Elucidate the resulting paint cost per gallon : Illustrate what percentage of G1 can be mixed with G2 and still satisfy the customers. Elucidate the resulting paint cost per gallon.
Pl-sql block to display last name and salary : Write a PL/SQL block that displays the last name and salary of the following people. Each of these can be done separately as PL/SQL, first to test and get the output lines then encapsulated.
Assessment of dynatronics financial performance : Determine assessment of Dynatronics' financial performance over the period 1986-1988? What strengths or weaknesses, if any, do you see?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Evaluate the performance of division chiefs

Mark Wilson, chief of personnel, has been instructed to increase the hiring of women at the Morton Cement Company.

  Fixed budget income statement by contribution margin format

Prepare a fixed budget income statement for the planned level of sales and production. Prepare a fixed budget income statement for the actual level of sales and production.

  Given transactions for journalization on stock issue

Prepare journal entries for the transactions listed above. Prepare an updated Dec 31st trial balance, reflecting the unrecorded transaction-Prepare a multiple-step income statement for the year ending Dec 31st. Prepare a retained earnings statement f..

  Weighted-average method of accounting

Compute the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs.

  Foreign currency transaction

A foreign currency transaction gain will be recognized by a U.S. company when it has a receivable from a foreign company

  Tax basis for partnership interest

What is Justin’s adjusted tax basis for his partnership interest immediately after partnership is formed? What is the partnership’s adjusted basis for property contributed by Justin?

  Multiple choice question to find related earnings

When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:

  Result of partnership distribution

Hayden's outside basis in his interest in the HIGH Partnership is $420,000. In a proportionate nonliquidating distribution, the partnership distributes to him cash of $100,000, inventory

  Us gaap or ifrs system

Which is better for preventing or detecting fraud a rules based system like US GAAP or a principles based system like IFRS? Please provide the reasons for your opinion.

  Finding the balance in right-of-use asset

Warren Co. recorded a right-of-use asset of $900,000 in 8-year lease under which no profit was recorded at commencement by lessor-The balance in right-of-use asset after 2 years will be:

  Investing and operating activities

For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:

  Evaluate the npv for project

An owner decides that he wants to go ahead with manufacturing; he must spend $900,000 for the new equipment-Calculate the NPV for this project. Should it be undertaken?

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!

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