Determine the merchandise lost by fire

Assignment Help Financial Accounting
Reference no: EM132982483

Question - The inventory of Schooler Company was destroyed by fire on April 1. From an examination of the accounting records, the following data for the first three months of the year are obtained:

Sales $155,000

Sales Returns and Allowances 5,000

Purchases 85,000

Freight In 3,500

Purchase Returns and Allowances 4,000

Required - Determine the merchandise lost by fire, assuming a beginning inventory of $60,000 and a gross profit rate of 40% on net sales.

Reference no: EM132982483

Questions Cloud

What other reasons may explain the unexpected outcome? : What other reasons may explain this unexpected outcome? A firm has successfully grown Revenue and Profitability through carrying more inventory
How do compute the project irr and npv : Compute the project's IRR and NPV. Initial investment outlay of $40 million, consisting of $35 million for equipment and $5 million for net working capital
What is group dynamics : Mallika Garments Corp, wants to use some non conventional techniques of group decision making. What is group dynamics
How much can pull out at the end every year : How much can she pull out at the end every year for next 30 years 3. If Julie has $500,000 (Half million) in retirement account. If invests in a conservative
Determine the merchandise lost by fire : Determine the merchandise lost by fire, assuming a beginning inventory of $60,000 and a gross profit rate of 40% on net sales
What will be the portfolio expected return : If the risk-free rate is 8 percent and the expected return on the market portfolio is 14 percent, what will be the portfolio's expected return?
Prepare the adjusting entries for the items : Advertising supplies on hand at October 31 total $500. And the total advertising supplies at the begging of October is $2500. Prepare the adjusting entries
How many total information slips would the employee receive : How many total information slips would the employee receive? If an employee in Québec worked for an organization under two different Revenu Québec account.
Make a transaction journal for calculating costs : Employing 25 workers at a cost of IDR 1,000 per hour takes 10 days with a day working 8 hours. Make a transaction journal for calculating costs

Reviews

Write a Review

Financial Accounting Questions & Answers

  Income tax expense to be reported on income statement

During 2015, a company reported an increase in the defferred tax liability account of $ 77,990, an increase in the differed tax asset account of $ 35,325, and an income tax liabilty as per the 2015 income tax return of $ 398,555. What in the income t..

  What is yield to maturity for wilson wonders

Wilson Wonders, the bonds have a $1,000 par value, and the coupon interest rate is 12%. The bonds sell at a price of $1,100. What is their yield to maturity?

  How does accounting help decision makers

How does accounting help decision makers? by providing snapshots of a company's performance. / by turning complex factors into simple numbers

  Find what is the annual value of the pump

The pump has a lifetime of 15 years and is estimated to save approximately $1,000 per year. What is the annual value of the pump?

  What entry would be made

Assuming that the book value method was used, what entry would be made? (Credit account titles are automatically indented when the amount is entered)

  Determine how the standard cost system

Determine how the standard cost system in Carton Medical Devices can be used for product costing and inventory valuation. Indicate the efficiencies that can be gained from the system. Examine the use of Carton‘s standard cost system in product costin..

  Stock split-stock dividend and cash dividend

Define each of the following and the effect on the number of shares outstanding: Stock split. Stock dividend. Cash dividend.

  What is the debt ratio

Vigo Vacations has $201 million in total assets, $5.1 million in notes payable, and $24.0 million in long-term debt. What is the debt ratio?

  Describe the audit significance of such transactions

Fraudulent sales are occasionally recorded at year-end as a means of overstating financial results. As examples, companies may engage in inappropriate bill and hold transactions or channel stuffing. Describe two conditions that might indicate the rec..

  What depreciation expense will it record

It also changes its estimate of residual value from $100 to $300. What Depreciation expense will it record in the 3rd year of the PP&E's life

  Prepare an amortization schedule for the bonds

The bonds will be accounted for using the amortized cost model. Face value of bonds $1,386,000. Prepare an amortization schedule for the bonds

  How does investment in new acquisition help in increasing

How does investment in new acquisition or internal growth (such as, Plant, Property & Equipment, Inventories and Receivables) help in increasing a firm earnings

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