What is the claim against the insurance company

Assignment Help Accounting Basics
Reference no: EM132729943

Question - You are called by Bright Co. on July 16 and asked to make a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available.

Inventory, July 1 $38,000

Purchases-goods placed in stock July 1-15 90,000

Sales-goods delivered to customers (gross) 116,000

Sales returns-goods returned to stock 4,000

Your client reports that the goods on hand on July 16 cost $24,500. Your past records show that sales are made at approximately 20% over sale. Bright's insurance covers goods owned.

Required - What is the claim against the insurance company (e.g. the cost of inventory lost).

Reference no: EM132729943

Questions Cloud

Which of the research and development related cost : Which of the following research and development related costs should be capitalized and amortized over current and future periods?
Explain the reasons why organisations go for globalization : Explain the reasons why organisations go for globalization? Write in detail
Describe the organization cloud computing implementation : For this project, select an organization that has leveraged Cloud Computing technologies in an attempt to improve profitability or to give them a competitive.
Which may be carried in the financial statement : After initial recognition, a class of intangible assets, whose fair value can be reliably measured, may be carried in the financial statement
What is the claim against the insurance company : Your client reports that the goods on hand on July 16 cost $24,500. Inventory, July 1 $38,000. What is the claim against the insurance company
How your findings from relevant research literature sphere : Practical Application of the literature. Describe how your findings from the relevant research literature can shape, inform, and improve current business.
What amount should be charged or debited to furniture : A corporation issues 1,000 ordinary shares for furniture and fixtures. What amount should be charged or debited to furniture and fixtures?
Describe the method analysis and its kinds : Describe the Method Analysis and its kinds?
Find what amount should reported as accumulated depreciation : Turtle company purchased equipment on January 1,2018 for P5,000,000. What amount should be reported as accumulated depreciation on December 31,2020?

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.

  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!

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