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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.
Research on Kaizen events,
Michelle ran her own accountancy business. During the year she was persuaded to change premises which she ran her business from, and which she rented.
The allowance for rejects is 0.11 kilogram of this input for each unit of output. The standard quantity in kilograms of this input per unit of output should be:
The shareholders' equity of Green Corporation includes $200,000 of $1 par common stock and $400,000 of 6% cumulative preferred stock. The board of directors of Green declared cash dividends of $50,000 in 2011 after paying $20,000 cash dividends in..
If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month end, and a check for $500 was erroneously charged by the bank against the account, what is the correct balance ..
What is the amount of the low-income housing credit that Chris may claim in 2005 (assuming a rate of 7.96%)? What is the total amount of the credit that Chris may claim as a result of the $800,000 expenditure?
Using your textbook and at least one scholarly source, compare cost flows among service, merchandising, and manufacturing enterprises, explaining how healthcare differs from the other enterprises
Your report should be in the form of a two page memo that discusses the regulations and how they will apply to your hiring process. You may select any Locality or State you wish ensuring compliance with Equal Employment Opportunity laws.
On January 1, 2011 Piper Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Calculate the issue price of the bonds.
Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $400,000 for the ownership interest. Flint paid the money directly to Chang and to Danos for 50% of each of their ..
How does activity-based costing differ from other forms of costing? What about activity-based management? Are activity-based costing and management suitable to all companies? Why or why not?
Suppose Green has been using the straight-line method and switches to the sum-of-the-years'-digits method. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2011?
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