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You are called by Kevin Garnett of Celtic Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available. Inventory, July 1 $ 38,000 Purchases—goods placed in stock July 1–15 90,000 Sales—goods delivered to customers (gross) 116,000 Sales returns—goods returned to stock 4,000 Your client reports that the goods on hand on July 16 cost $30,500, but you determine that this figure includes goods of $6,000 received on a consignment basis. Your past records show that sales are made at approximately 25% over cost. Garnett's insurance covers only goods owned. Instructions Compute the claim against the insurance company.
What if the balance sheet shows negative retained earnings? Where might you look to find out what caused that to happen? Would it be something that would concern you?
Their taxable income for the current year, excluding the loss from the tornado, is $250,000. Find out the amount of Olaf and Anna's loss and the year in which they should take the loss.
What information can the company gleam from this approach which is helpful as a tool in the decision making process. Explain situations in which break-even analysis can be a useful tool. Provide a specific example.
Describe the reason for any difference in the ending inventory balances under the two costing methods and the impact of this difference on reported net operating income.
Classic Corporation borrowed $90,000 from the bank on November 1, 2012. The note had an 8 percent annual rate of interest and matured on April 30, 2013. Interest and principal were paid in cash on the maturity date. Illustrate what amount of inter..
What other potential sources of financing are available to the company and what is the max amount of additional financing that can be in the form of bank borrowings.
For Fox Manufacturing, determine the annual manufacturing overhead cost-allocation rate and evaluate the amount of manufacturing overhead costs allocated to the Maize High School job.
Find what liability do the other six partners in this medical practice have in connection with this lawsuit and what factors can be important in determining the exact liability (if any) of these six doctors?
Benns adopts the equity method for its 100 percent investment in Water. At the end of six years, Benns reports an investment in Waters of $920,000. What figures constitute this balance?
Based on the information given above, what gain or loss on retirement of bonds should be reported in the 2008 consolidated income statement?
What was the clinic's dollar growth in assets during 2007, and how was the growth financed and Determine of Firm's Dollar Growth in dollars
Illustrate what is the total amount of federal and state unemployment tax for Preston Co.
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