Report for the insurance company

Assignment Help Financial Accounting
Reference no: EM13918788

Suzuki Company lost all of its inventory in a fire on December 26, 2015. The accounting records showed the following gross profit data for November and December.

 

November

December (to 12/26)

Net sales

$608,428

$698,000

Beginning inventory

31,300

36,500

Purchases

392,900

423,800

Purchase returns and allowances

13,100

14,600

Purchase discounts

8,300

9,600

Freight-in

9,100

9,700

Ending inventory

36,500

?

Suzuki is fully insured for fire losses but must prepare a report for the insurance company.

Compute the gross profit rate for November. (Round answer to 1 decimal place, e.g. 25.5%.)

The gross profit rate for the month of November ______%.

Using the gross profit rate for November, determine the estimated cost of the inventory lost in the fire. (Round answer to 0 decimal places, e.g. 125.)

Inventory lost in the fire in December $______.

Reference no: EM13918788

Questions Cloud

Prepare a balance sheet and a statement : Write an accounting equation and record the effects of each accounting event under the appropriate general ledger account headings.
Develop cost estimates for completing the restoration : Develop cost estimates for completing the restoration based on both a best- and worst-case analysis. Assume that the total restoration cost is the sum of the labor cost plus the material cost.
Common stock as a long term investment : Common stock as a long term investment. Steig. Corporation uses the equity method of accounting for this investment.
Identify the four basic financial statements : Identify the four basic financial statements. Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees. Discuss how the financial statemen..
Report for the insurance company : Suzuki is fully insured for fire losses but must prepare a report for the insurance company.Compute the gross profit rate for November.
European distribution center site : American International Automotive Industries (AIAI) manufactures auto and truck engine, transmission, and chassis parts for manufacturers and repair companies in the United States, South America, Canada, Mexico, Asia and Europe. The company transp..
Net present value if the cost of capital : What is the net present value if the cost of capital is 12 percent? Use the time value of money charts for your calculations. (Ignore income taxes.) Round your answer to the nearest whole number.
Why is innovation important to the growth of organizations : How would you characterize and contrast these different types of characteristics? Can you relate them to your own experience in your work environment?
What is the expected project completion time : Draw a project network. Develop an activity schedule. What are the critical activities, and what is the expected project completion time?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Construct the direct labor budget

Captain Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.41 direct labor-hours. The direct labor rate is $8.50 per direct labor-hour. The production budget calls for producing 2,300 units in Au..

  Explain how can the concept of batch-level activities

Explain how can the concept of batch-level activities be applied to an airline? What are two examples of batch-level activities for JetBlue? What steps has JetBlue taken to manage these batch-level activities more efficiently?

  Balance sheet under assets

In the cash flow statement-On the balance sheet under assets.

  Record the transactions listed above in journal entry form

Seles Corporation’s charter authorized issuance of 100,000 shares of $10 par value common stock and 50,000 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is indepen..

  Prepare stockholders equity section of the balance sheet

Horton Company began business on January 1, 2014 by issuing all of its 1,200,000 authorized shares of its $2 par value common stock for $23 per share. On June 30, they declared a cash dividend of $1.75 per share to stockholders of record on July 31. ..

  General fund and special revenue fund examples

This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budg..

  Create a production budget for february

Create a forecast of the units and cost of raw material that will be required for February, March, and April. The expected cost per pound of raw material is expected to be $2 in February, $2.30 in March, and $2.40 in April.

  Transportation system has integrated transport networks

U&I Transportation System has integrated transport networks in three different regions in a developing country. These three markets have vast regional differences. To meet this goal in the three regions, should U&I Transportation System’s management ..

  Total monthly cost of the sales representatives salary

Omar Corporation paid one of its sales representatives $4,300 during the month of March. The rep is paid a base salary plus $15 per unit of product sold. During March, the rep sold 200 units. Calculate the total monthly cost of the sales representati..

  Calculate its profit-maximizing output and price

What will price and output be if there is no dominant firm? Now assume that there is a dominant firm, whose marginal cost is constant at $6.Derive the residual demand curve that it faces and calculate its profit-maximizing output and price.

  Financial instruments can have both debt and equity feature

Some financial instruments can have both debt and equity features. The most common example is convertible debt— bonds or notes convertible by the investor into common stock.

  Outline the facts of the centro case

Outline the facts of the Centro (ASIC v. Healy) case and explain why ASIC took action against the six Centro non-executive directors. In your answer briefly discuss the role and responsibilities of nonexecutive directors. (1000 word maximum)

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd