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Question - On December 1, 20x1, aliens invaded Earth and destroyed the warehouse of Unlucky Too. Co. The following information was determined:
Beginning inventory 80,000
Gross purchases 517,000
Freight-in 5,000
Purchase returns 3,000
Purchase discounts 4,000
Sales from Jan. to Nov. 585,000
Sales returns 15,000
Sales discounts 117,000
Gross profit rate based on cost 33 1/3%
Twenty percent of the inventory contained in the warehouse has been salvaged from the destruction, while half is partially damaged. The aliens agree to buy the partially damaged goods at thirty percent of the cost as peace offering. How much is the inventory loss?
The act of recording revenues that have not been received is called accruing revenues. What can you tell me more about Adjusting Entry for Accrued Revenues
benson and orton are partners who share income in the ratio of 23 and have capital balances of 60000 and 40000
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What the preferred is noncumulative and nonparticipating. Loma Inc. has $6,000,000, $0.60, no par value preferred shares (6000 shares) and $4,000,000
as you all know the ultimate effect of incurring an expense is to reduce stockholders equity. in this chapter we have
What is the impact on operating profit if variable costs per unit decrease by 10 percent? Increase by 20 percent
How much electricity do the LED luminaires consume monthly? What is the new estimated cost of operating the 20 LED luminaires monthly?
the controller of sagehen enterprises believes that the company should switch from the lifo method to the fifo method.
Which is a formal written promise to pay a definite sum of money on demand or a fixed determinable future date? prepaid insurance policy
Counsel is unable to estimate the outcome of these appeals. What amount of pretax gain should be reported
Problem - If the company issues common stock of 41,000 and pays dividends of 1,600, how much is net income (loss)
Compute gross pay, deductions, and net pay
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