Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
On November 29th 2012, a fire broke out in the warehouse of Leansot Company and destroyed most of the inventory at hand as well as the inventory records. The only inventory salvaged and in good condition is worth $36,000. Luckily, some backup data was found and the company maintains fire insurance. From the data recovered, the following information was derived.
January 1 beginning inventory
$275,000
January 1 beginning cash balance
$ 300,000
Cost of goods purchased during the period
$ 3,600,000
Cash Sales during the period
$ 1,800,000
Credit Sales during the period
$ 4,400,000
Sales returns & allowances
Sales discounts
$ 100,000
Purchase returns & allowances
$ 125,000
Purchase discounts
$ 50,000
Inventory on consignment on 11/29/2012
$ 90,000
Inventory on transit from suppliers as at 11/30/2012
Inventory on transit to customers on 11/29/2012 FOB Shipping point, invoice date 11/29/2012
$ 60,000
The company uses the perpetual inventory system and all purchase returns, allowances, and discounts are debited or credited to the inventory account. Historical data indicates that the company's gross profit rate averages 30%.
Required: Use the gross profit method to estimate the amount of inventory destroyed by the fire, and thus, the amount to be claimed from the insurance company.
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd