Count the amount loss due to fire

Assignment Help Accounting Basics
Reference no: EM133101111

Question - As of January 1, SHINE had $288,000 in inventory. In January purchases of $276,000 and sales of $540,000. On February 1st there was a fire and destroy the existing inventory on that date. The level of gross profit is 25% of the cost. Inventory with a selling price of $30,000 was not damaged in the fire. Count the amount loss due to fire.

Reference no: EM133101111

Questions Cloud

Three components of an ethical dilemma : The day before Rudy Gobert tested positive, he purposefully touched all themicrophones during a press conference poking fun at social-distancingprotocols.
Information about the ethical theory : Here you are providing the information about the ethical theory that you are using to arrive at the conclusion (thesis) of your position.
How are liabilities subsequently measured : How are liabilities subsequently measured (Consider the items under Current Financial Liabilities eg. Accounts Payable, Notes Payable etc
How to motivate employees in variety of ways : Senior leaders must understand how to motivate employees in a variety of ways. Research major motivational theories, and pick 3 theories to discuss.
Count the amount loss due to fire : The level of gross profit is 25% of the cost. Inventory with a selling price of $30,000 was not damaged in the fire. Count the amount loss due to fire
Diversity of sexual variation : Diversity of sexual variation from the perspective of normal abnormal continuum
What would be the PMT : Marikina offered you a loan of 5,000,000. The loan will be fully amortized over 5 years and the nominal interest will be 12%. What would be the PMT
Journal article and critical analysis assignment : Summarizing and critiquing an academic journal article and Discussing sociological concepts, theories, and social trends
Calculate ROI, RI and EVA for each alternative : In the current year, the division had operating assets of $440,000; sales of $300,000 and operating profit of $88,000. Calculate ROI, RI and EVA

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the amortization expense on the patent and copyright

The patent which ad remaining legal life of 15 years, was purchased from FAC for P600,000. What is the amortization expense on the Patent and Copyright

  What total amount should be credited to common shares

What total amount should be credited to Common Shares due to the conversion of the preferred shares into common shares

  What is the per unit conversion cost

Complete as to materials and 40% complete as to conversion costs. If the unit cost of materials is $3 and the costs assigned to the 800 units is $6,000, what is the per unit conversion cost?

  Discuss what is the maximum amount allowed as a deduction

What is the maximum amount allowed as a deduction in the 1st year of operation if a calendar year business begins operation on July 1

  Estimating the manufacturing hours for an airframe

You are estimating the manufacturing hours for an airframe based on the airframe weight. The airframe you are estimating weighs 141784 pounds. Given the following equation, select the correct response from each pair.

  The neolithic revolution, the growth of communities

Why does Cowan believe it is important to examine technologies in the context of technological systems? What advantage does this broader perspective give to planners? Give a specific current technological example (not it the reading) in support of..

  In the corporate form of business organization legal

in a corporate form of business organization legal capital is best defined asa.the amount of capital the state of

  Ryan co purchased a machine on july 1 2011 the machine

ryan co purchased a machine on july 1 2011. the machine cost 250000 and has a salvage value of 10000 and a useful life

  Recalculate after-tax cash flows and net present value

Use an Excel spreadsheet and recalculate after-tax cash flows and net present value for the below scenarios: Sales units at 10% higher than estimated.

  Determine the net income or net loss for June

Recorded fee earned on plans delivered, payment to be received in July, $12,800. Determine the net income or net loss for June

  What is balance of Lessor net receivable and lease liability

At the commencement of the lease on January 1, 2019, what is balance of Lessor's net receivable and lease liability

  Compute the number of units remaining

Compute both the cost of goods available for sale and the number of units available for sale. Compute the number of units remaining in the ending inventory

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