User Account

All Pages

How much is the estimated value of inventory damaged by fire

Assignment Help Accounting Basics
Reference no: EM133046305

Questions -

True or False

1. A service concession arrangement may not provide for a financial asset agreement where the operator only receives an intangible asset.

2. The financial asset recognized by an operator is to the extent that it has a contractual right to receive cash or another financial asset contingent on the provisions of the grantor.

A flood damaged the merchandise inventory of Suzy Company on July 25, 2020. You have discovered the following information from the records salvaged from the flood: Inventory, January 1, 2020 $1,960,000, Sales, January 1 - July 25, 2020 (including goods sold but not delivered to customers, $76,000) $19,530,000, Merchandise purchases including those still in transit, shipped FOB shipping point, $138,000) $10,470,000, Mark-up on goods sold 40% of cost. The merchandise saved from the flood has an estimated value of $163,000. How much is the estimated value of inventory damaged by the flood?

A fire occurred at the factory of Bernardo Company on February 16, 2020 which damaged its merchandise inventory. You were given the following information: Inventory, January 1, 2010 $400,000, Sales (including sales delivered still in transit FOB shipping point, $50,000) $980,000, Purchases (including those still in transit, Shipped FOB shipping point $40,000, Shipped FOB destination, $35,000) $700,000. The merchandise saved from fire was estimated to be $8,500. Bernardo Company's policy is to add 40% on its cost. How much is the estimated value of inventory damaged by fire?

Reference no: EM133046305

Questions Cloud

Deploy a basic understanding of car insurance : Suppose a car insurance company sells you an insurance policy that "gets you legal" and costs $7.50 per month. What is the problem with this insurance policy?
Discuss three reasons opposing protectionism : What are the five main reasons emerging economies use to justify their action to protect their domestic markets? Discuss three reasons opposing protectionism
Identify the responsibilities to employees being violated : 1. With the use of examples from the case, identify the responsibilities to employees being violated by Mr. Thomas.
Why some companies get to the top of industry rankings : Discuss why some companies get to the top of industry rankings and stay there, while others do not.
How much is the estimated value of inventory damaged by fire : Bernardo Company's policy is to add 40% on its cost. How much is the estimated value of inventory damaged by fire
Outweighed the minor increase of losses : Any financial institution needs to have a well-balanced credit policy to be successful and profitable all while trying to minimize the occurrence of lending to
Latest moves globally for and against platform tax : What are the latest moves globally for and against 'Platform Tax'? Can you expand on 4 examples where either 'Platform Tax' has entrenched, or 'Co-opetition' ha
Determine the net profit under absorption costing : There was no underapplied or overapplied overhead reported during the year. Determine the net profit under absorption costing
Check motor carrier safety and performance data : Search the Internet for information on a trucking company of your choice. Then visit the FMCSA site, and determine the trucking company's safety rating.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate standard deduction or itemized deduction amount

Bill is a single taxpayer age 27. In 2019, his salary is $29,000 and he has interest income of $1,500. Calculate standard deduction or itemized deduction amount

  Use the tax rate schedules to determine the tax liability

Use the Tax Rate Schedules to determine the tax liability for each. Married taxpayers, who file a joint return, have taxable income of $89,889.

  What are the required sales if montoya desires net income

Montoya manufacturing has fixed costs of $1,800,000 and variable costs are 40% of sales. What are the required sales if Montoya desires net income of $180,000?

  Compute chapeau total allowable foreign tax credit

Compute Chapeau's total allowable foreign tax credit in 2019. Chapeau Company, a U.S. corporation, operates through a branch in Champagnia.

  What would the loan balance be in five years

If you get a 15-year mortgage with an interest rate of 7 percent, what are the monthly payments? What would the loan balance be in five years

  Ahsan company makes 60000 units per year of a part it uses

ahsan company makes 60000 units per year of a part it uses in the products it manufactures. the unit product cost of

  Present the shareholders equity in statement of financial

Present the shareholders' equity in the statement of financial position. P400,000 was received on the above subscription to preference shares.

  On april 18 2011 tara wilson purchased 30 shares of abc

on april 18 2011 tara wilson purchased 30 shares of abc stock for 210 and on september 29 2011 she purchased 90

  What information included in reconciliation summary report

Computerized Accounting - What information is included in the Reconciliation Summary report? What benefits does the report provide to these managers

  An investment heavy in stocks produces the best results

The simulation output from Example 11.7 indicates that an investment heavy in stocks produces the best results. Would it be better to invest entirely in stocks? Answer this by rerunning the simulation. Is there any apparent downside to this strat..

  Find the monthly cash flows and total cash

Determine the monthly cash flows and total cash generated at the end of each month and just before the payment is received for the construction of a house.

  The following information relates to a companys accounts

the following information relates to a companys accounts receivable accounts receivable balance at the beginning of the

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