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On august 15, 2012, a hurricane damaged a warehouse of folkman merchandise company. the entire inventory and many accounting records stored in the warehouse were completely destroyed. Although the inventory was not insured, a portion could be sold for scrap. through the use of microfilmed records, the following data is assembled: Goods on hand August 1-$80, purchases: 160,000, purchase returns-2000, transportation costs on purchases-1000, sales-280000, sales returns-4000, and average gross profit as a percent of net sales-40%.Compute the inventory loss as a result of the hurricane.
in a period when costs are rising and inventory quantities are stable the inventory method that would result in the
jack herington has owned and operated a proprietorship for several years. on january 1 he decides to terminate this
Explain the two (2) basic types of analysis that are used to compare accounting information. In addition to above posted explain how Managerial Accounting differs from Financial Accounting (GAAP).
Martin & Associates borrowed $5,000 on April 1, 2008 at 8% interest with both principal and interest due on March 31, 2009. Which of the following journal entries should the firm use to accrue interest at the end of each month?
xyz corporation bonds pay a coupon rate of interest of 12 percent annually and have a maturity value of 1000. the
a. What are the amounts and character of Tom's recognized gains or losses? b. What is Tom's basis in the Total stock and notes? c. What is Total's basis in the property received from Tom?
company has the following information income tax rate 40 selling price per unit 7.50 variable cost per unit 2.50 total
A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?
Show separate SCFs for P and S for the year 2006 (for S it will be from July 1, 2006 to December 31, 2006) using the indirect method and show a consolidated SCF for 2006
coleman inc. anticipates sales of 50000 units 48000 units and 51000 units in july august and september respectively.
svens private investigation servicesadjusted trial balancejuly 31
On August 31, a 10% stock dividend was declared and distributed. What is the balance in Common Stock appearing on the statement of stockholders' equity on December 31?
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