User Account

All Pages

What is the amount of the loss as a result of the fire

Assignment Help Accounting Basics
Reference no: EM132431326

Question - Monty Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following.

Beginning inventory $171,400

Sales revenue $695,100

Purchases for the year 390,000

Sales returns 22,800

Purchase returns 30,400

Rate of gross profit on net sales 30%

Merchandise with a selling price of $18,900 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,100 had a net realizable value of $5,200.

What is the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage?

Reference no: EM132431326

Questions Cloud

Prepare a material usage budget for tintel and pintel : SMMAR Limited manufactures and sells two products, Tintel and Pintel. The Company has determined that it will make 2,100 units of Tintel and 2,950 units of Pint
What would the ending inventory : What would the ending inventory, assuming that (a) gross profit is 49% of sales, (b) gross profit is 60% of cost, (c) gross profit is 36% of sales
Gain or loss on the retirement of the bonds : On March 31, 2014, Bundy Corporation retired $10,000,000 of bonds, which have a liability balance on March 31, 2014 of 10,500,000, by paying bondholders
Unexpected events with organization : How do leadership monitors routine activity and reacts to unexpected events with their organization? How would you organize the business?
What is the amount of the loss as a result of the fire : Merchandise with a selling price of $18,900 remained undamaged after the fire. What is the amount of the loss as a result of the fire
Implementing electronic systems : Fast Lane is considering implementing electronic systems for transacting with suppliers. Outline some advantages that might accrue
Prepare sales budget for the first quarter : Jonas Product produces shoes. The projected sales for the first quarter of the coming year and the beginning and ending inventory data are as follow:
Computing the total budgeted cost : If Fields operated at 41,000 activity hours, its total budgeted cost would be:
Record entry for the payment : During 2019, Williamson Company borrowed money at First State Bank and Trust on two occasions. Record entry for the payment of the 90-day 7% discounted note

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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