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Question - Pristine Thread Co. encountered a fire on March 12 where some of the inventory was destroyed. A physical count of inventory after the fire shows $56,000 still on hand. The company also had beginning inventory on January 1 of $197,000 and the following total amounts for the year up to March 12.
-Sales revenue of $715,000
-Purchases of $503,000
-Freight-in of $41,000Assuming that the inventory has a 34% gross profit on cost, estimate the amount of inventory destroyed using the gross profit method.
Sweet Scent Company manufactures scented wax pellets. The company buys wax in 100-pound containers that cost $15 each. They use 20,000 containers per year, and usage occurs evenly throughout the year.
For the enforcement of promise to pay a time-barred debt without consideration, which of the... For the enforcement of promise to pay a time-barred debt without consideration, which of the following conditions is not required?
Rocky Co, reported $200,000 in income before income taxes for 2017. In its 2017 income statement, what amount of should Rocky report for Income Tax Expense
When Upstate University faculty file for travel reimbursements, they must file a form that requests the time they left home and the time they left the hotel.
Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept
Prepare all journal entries inclusive from January 1, 2019 to December 31, 2020, assuming that: the shares acquired are only 1% of the outstanding stock
Discuss the basic accounting problem that arises in handling each of the situations - Assets purchased by issuance of capital stock.
For governmental agencies, a budget places a legal limit on expenditures. As employees are asked for input into the budgeting process, what types of biases are likely to be encountered? Explain why these biases exist.
Assume that the bonds are called on December 31, 2009. Use the horizontal model (or write the journal entry) to show the effect of the retirement of the bonds. (Hint: calculate the amount paid to bondholders; then determine how much of the bond di..
on january 1 2004 tale corporation had 30000 of 10 par value common stock outstanding. on june 1 2004 tale corporation
Hollis Industries produces flash drives for computers, which it sells for $20 each. Each flash drive costs $14 of variable costs to make. During April, 1,000 drives were sold.
Calculate Tater and Pepper's 2012 EBIT. (Enter your answer in millions of dollars rounded to 1 decimal place.)
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