User Account

All Pages

What is the cost of the merchandise destroyed by fire

Assignment Help Accounting Basics
Reference no: EM132749508

Question: The CEBU BRANCH of MOCHI Company is billed for merchandise by the home office at 20 percent (20%) above cost. The branch in turn prices merchandise for sale purposes at 25 percent (25%) above billed price.

On January 25 all of the branch merchandise is destroyed by fire. No insurance was maintained. Branch accounts show the following information:

Inventory, Jan 1, 173,000

Sales Returns, 30,000

Shipments from Home Office (Jan 1-25), 200,000

Sales Discounts, 30,000

Sales 350,000.

What is the cost of the merchandise destroyed by fire?

Reference no: EM132749508

Questions Cloud

What would you look for as a red flag : In the expenditure cycle, what would you look for as a red flag or potential indicator that a vendor is short supplying you? The response must be typed.
Record the treasury stock transactions : Record the treasury stock transactions (given above) under the cost method. (Credit account titles are automatically indented when amount is entered.
Should ligaya management proceed with capital structure : LIGAYA, which has no current debt, has a beta of 0.95 for its ordinary shares. Management is considering a change in the capital structure to 30 percent debt.
What is the required rate of return for a firm : What is the required rate of return for a firm with a beta of 1.35 when market return premium is 14% and the risk free rate is 5%.
What is the cost of the merchandise destroyed by fire : The CEBU BRANCH of MOCHI Company is billed for merchandise by the home office at 20 percent (20%) above cost. The branch in turn prices merchandise for sale.
What is the amount of his basis in the equipment received : Franco owns a 60% interest in the Dulera LLC. On December 31 of the current tax year, his basis in the LLC interest is $274,400. The fair market value of the.
How should the lease be classified by branch motors : Calculate the amount Yard Art Landscaping would record as a right-of-use asset and a lease liability. How should this lease be classified by Branch Motors?
Prepare journal entry to record the warranty repairs : On December 20, 2017, The Net Department Store sold a computer for $3,500 with a one-year warranty that covers parts and labour. Warranty expense was estimated.
How statements are formed by strategic management process : Read "The significance of vision and mission development for enterprises in Slovak Republic." Consider how these statements are formed by the strategic.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Should the company make the investment

In the previous scenario, assume that your company negotiated a deal where it would pay $12,000 for the investment and receive a payment of $24,000 at the end.

  Explain why scarcity leads to tradeoffs

Explain why scarcity leads to tradeoffs. Explain why individuals make choices that are directly on budget constraint, rather than inside the budget constraint

  Prepare a segmented income statement for Gorman Nurseries

Gorman Nurseries Inc. grows poinsettias and fruit trees in a green house/nursery operation. Prepare a segmented income statement for Gorman Nurseries

  Discuss flexible budget performance report

Flexible Budget Performance Report, AirQual Test Corporation provides on-site air quality testing services

  Determine the amount of cash flows from operating activities

If salaries payable was $100,000 at the beginning of the year, determine the amount of cash flows from operating activities by the indirect method? Explain

  Prepare a t account for accounts payable

Journalizing and posting - On November 2, 20Y3, Fibrosis Co. purchased $1,800 of supplies on account. Prepare a T account for Accounts Payable

  Interfund premiums actuarial estimates from previous fiscal

interfund premiums actuarial estimates from previous fiscal year to determine necessary to establish a reserve for

  The issues and conclusions for parkers revenue recognition

Discuss the issues and conclusions for Parker's revenue recognition for this contract under the existing GAAP guidance

  Assume markup percentage equals desired profit divided by

assume markup percentage equals desired profit divided by total costs. what is the correct calculation to determine the

  Calculate its book value at the end of year

A machine that cost $340,000 has an estimated residual value of $34,000 and an estimated useful life of four years. Calculate its book value at end of year 3

  Calculate the carrying value at time of sales

Lakers Inc. purchased a patent on November 1, 2020 for $ 750,000. Calculate the carrying value at time of sales

  The durn company began operations at the beginning of 2010

the durn company began operations at the beginning of 2010. at the end of 2010 the company reported taxable income of

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