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On November 21, 2010, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $10,000. The following information was available from Hodge's accounting records for Product Tex:
Inventory at November 1, 2010 ............. $100,000Purchases from November 1, 2010 to date of fire ...... 140,000Net sales from November 1, 2010 to date of fire ...... 220,000Based on recent history, Hodge had a gross margin (profit) on Product Tex of 30% of net sales.Required:Prepare a schedule to calculate the estimated loss on the inventory in the fire, using the gross margin (profit) method. Show supporting computations in good form.
If 30% of the month's revenue is collected in the same month, 40% is collected in the second month and 30% is collected in the third month, how much of September's revenue is collected in subsequent months? How much of August's revenue is collecte..
The Lawrence Company sold fixed assets for cash of $8,000. The assets had a book value of $5,000. How should this be reported in the investing activities section of a statement of cash flows?
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Stacey and Andrew each own one-half of the stock in Parakket Corporation, a calendar year taxpayer. Cash distributions from Parakeet are : $350,000 to Stacey on April 1 and $150,000 to Andrew on May 1. If Parakeet;s current E&P is $60,000, how muc..
in its accrual-based income statement for the year ended december 31 2011 dart company reported revenue of 1750000.
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