User Account

All Pages

Determine the merchandise lost during the flood

Assignment Help Accounting Basics
Reference no: EM132803758

Question - The inventory of Highwater Ventures Corporation was destroyed during a flood on January 31, 2020. The following data for the first month of the year has been obtained: Sales $102,000, Sales Returns and Allowances $2,000, Purchases $56,400; Freight-In $2,400; and Purchase Discounts $2,800. According to the financial statements at year-end December 31, 2019 the balance of Merchandise Inventory was $40,000. Highwater Ventures has a gross profit rate of 30% on net sales and uses the periodic method of inventory. Determine the merchandise lost during the flood.

Reference no: EM132803758

Questions Cloud

What is true of wendy overhead variances : WW produced 9,500 units with 24,000 DLH used and $1,175,000 actual overhead was incurred. What is true of Wendy overhead variances
Is another way to ground notions of ethics : Does this view offer a reason for thinking that ethics might have a general character that can be applied to all people, places, and times?
List the musical compositions performed : List the musical compositions performed. Which compositions interested you the most? Which interested you the least? Explain.
Address domestic factors and drivers in the global context : Evaluate the impact of the performance of the organization based on the implementation of the chosen technology - the applying the chosen technology trends
Determine the merchandise lost during the flood : The inventory of Highwater Ventures Corporation was destroyed during a flood on January 31, 2020. Determine the merchandise lost during the flood
What is the wissman paradox : What is the Wissman Paradox? Is it valid? Discuss the effects of the morphing of "win-win". Give and explain another term that has morphed. Why did it happen?
Compare and contrast hinduism with buddhism : Compare and contrast Hinduism with Buddhism. What elements or features or ideas do they share in common with each other?
How you would meet the tenets of the core values : You are the Compensation Manager for a large company that manufactures bicycles. The Operations Department of the firm is responsible for manufacturing.
Discuss the types of and different models for change : Discuss the types of and different models for change. How can change be a cause of conflict. What are other causes of conflict?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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