Computing total inventory destroyed in fire

Assignment Help Accounting Basics

Reference no: EM1356456

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: EM1356456

Questions Cloud

Journal entries for bond issuance-interest-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 rockets acceleration : A 1.5 kg copper block is given an initial speed of 3 m/s on a rough horizontal surface. Because of friction, the block finally comes to test. If the block absorbs 85% of its kinetic energy, calculate its increase in temperature.

Calculate the annual cash flows : Assume you are considering investing in a landscaping business. The cost of the equipment is $80,000 and you will need to invest other $20,000 in net working capital.

Explain management issue at your current place of employment : Explain and identify a management issue at your current place of employment and If you are not currently employed you can do a bit of research and find an issue that exists at another company

Computing 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..

Application of motivational theories : Research motivational theories and choose a least three and write a page paper in which you discuss the principles behind the theories and present examples of their application in business today.

Find rate of return with the margin purchase : Suppose you buy a round lot of Francesca Industries stock on 55% margin when the stock is selling at $20 a share. The broker charges a 10% yearly interest rate, and commissions are 3% of the stock value on the purchase and sale.

Expected time to find user passwords by dictionary attack : Suppose that eight more characters were added to the password and that the DES algorithm was changed so as to use all 16 password characters. What would be the expected time to find all users' passwords using a dictionary attack?

Balancing organizational team needs with individual needs : Explain how would you recommend an organization should go about striking a balance between individual and team needs especially as they relate to training and development?

User Account

All Pages