User Account

All Pages

Estimate the amount of inventory destroyed in the flood

Assignment Help Accounting Basics
Reference no: EM131704496

Question - On September 1 of the current year, Scots Company experienced a flood that destroyed the company's entire inventory. Because the company had not completed its month end reporting for August, it must estimate the amount of inventory lost using the gross profit method. At the beginning of August, the company reported beginning inventory of $216,100. Inventory purchased during August was $192,790. Sales for the month of August were $543,800. Assuming the company's typical gross profit ratio is 40%, estimate the amount of inventory destroyed in the flood.

Reference no: EM131704496

Questions Cloud

What amount beta report as net patient service revenue : Beta Hospital provided services to patients who were covered by the Corwin Health Plan. Beta's arrangement with Corwin called for interim billing rates.
What opportunities do you see in this transaction : Would you give any type of refund or exchange to the woman? Why or why not?What opportunities do you see in this transaction?
What is the theoretic problem with adaptive expectations : What is the theoretic problem with adaptive expectations (for neoclassical theorists)? What are the key tenets of each theory? What drives cycles?
What can managers do to motivate employees : What can managers do to motivate employees?
Estimate the amount of inventory destroyed in the flood : Assuming the company's typical gross profit ratio is 40%, estimate the amount of inventory destroyed in the flood
What are the primary neoclassical models : What are the primary neoclassical models discussed in Knoop Ch. 4? How do these extend the monetarist model? How do expectations differ for Neoclassicals?
Strategic planning outline and week two textbook readings : Strategic Planning Outline and Week 2 textbook readings. Describe how the division addresses customer needs and achieves competitive advantage.
Which ones are most successful in terms of market share : HP faces a diversity of competitors. Which ones are most successful in terms of market share? Where does HP stand in comparison to them?
Prepare journal entries for the foreign currency option : Prepare journal entries for the foreign currency option and firm commitment. What is the impact on net income over the two accounting periods

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