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Question 1: A company's warehouse was destroyed by a tornado on March 15. The following information was the only information that was salvaged: 1. Inventory, beginning: $28,0002. Purchases for the period: $17,0003. Sales for the period: $55,0004. Sales returns for period: $700The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory?Question 2:MMM Store uses the periodic inventory system and had the following transactions during the month of May:May 3 Sold merchandisce toa customer on credit for $600, terms 2/10,n/30. The cost of the muerchandise sold was $350.May 4 Sold merchandise to a customer for cashof $425. The cost of the merchandise was $250.May 6 Sold merchansice to a customer on credit for $1,300, terms 2/10, n/30. The cost of the merchandise sold was $750.May 8 The customer from May 3 returned merchanside with a selling prince of $100. The cost of the merchandise returned was $55May 15 The customer from May 6 paid the full amount due, less any appropriate discounts earned.May 31 The customer from May 3 paid the full amount due, less any appropriate discournts earned. Prepare the required journal entries that MMM Store must make to record these transactions.
Explain briefly the difference between those two methods of applying an accounting change. First give a definition of the two types of applications and then answering this question: If I were going to switch depreciation methods from straight line ..
Oddessy consulting has the following for year ended 12-31-09 before adjustments. Oddessy uses the net credit sales method of estimating bad debt expense. The journal entry for estimating bad debt expense at year end is:
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40% for 2012 and subsequent years.
Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Company.
Tommy purchases and places in service in 2011 personal property costing $900,000. What is the maximum Sec. 179 deduction that Tommy can deduct, ignoring any taxable income limitation?
Tarrah Company's variable expenses are 72% of sales. The company's break-even point in sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:
As Jonah wades through huge piles of the inventory and questions the team on operations, he quickly identifies the problem. Which of the implemented methods above does Jonah contribute to stacks of inventory?
Pizza Restaurant has the following revenue and Cost Functions: Find out break-even output. Find out quantity.
Prepare all journal entries in all funds and the GCA and GLTL accounts to record the following transactions and events.
Write down an essay on legal issues surrounding Solyndra, the California based solar panel manufacturer.
Write down a 3-5 pg paper comparing and contrasting Federal and state tax research. Examine the different constitutionality challenges with regard to Federal and state taxes.
Pacific has the following account balances as of Feb 1. Western pays $2,020,000 in cash. An additional $20,000 is paid in direct combination costs. For each of the following accounts, determine what balance will be included in a Feb 1 consolidatio..
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