User Account

All Pages

What was the cost of merchandise destroyed by fire

Assignment Help Accounting Basics
Reference no: EM133145420

Question - Miss Granny branch of SG Company is billed for merchandise by the home office at 20% above cost. The branch in turn prices merchandise for sales purposes at 25% above billed price. On February 14, all of the branch merchandise is destroyed by fire. No insurance was maintained. Branch accounts showed the following information:

Merchandise inventory, January 1 (at billed price) P26,400

Shipments from home office (Jan 1- Feb 14) 20,000

Sales 15,000

Sales returns 2,000

Sales allowances 1,000

Required - What was the cost of merchandise destroyed by fire?

Reference no: EM133145420

Questions Cloud

Determine the taxpayer basis in the new office building : Question - Lily exchanges an apartment building with a basis of 90,000 and a FMV of $120,000, Determine the taxpayer basis in the new office building
Compute amount of gain-loss that buggy company would report : Assuming the company uses the double-declining balance method to depreciate this asset, compute the amount of gain/loss that Buggy Company would report
Why is data integrity important in healthcare : 1. What is data integrity 2. Why is data integrity important in healthcare?
Brief explanation of the relationship of the news : The first step in this project is to identify sources of stock market quotations and become acquainted with stock tables. The business sections in local newspap
What was the cost of merchandise destroyed by fire : Miss Granny branch of SG Company is billed for merchandise by the home office at 20% above cost. What was the cost of merchandise destroyed by fire
Differences between a private and a public company : A. Directors are under a duty to exercise independent judgement. What does this mean.
Stakeholder in health policy in tennessee : Highlight and present one key player/stakeholder in health policy in Tennessee?
Prepare its bank reconciliation using the given information : Wright Company's cash account shows a $29,700 debit balance - Prepare its bank reconciliation using the above information
Course project worksheet-frequency tables and histograms : For this assignment, you will continue to build your course project/mock study by completing a worksheet on frequency tables and histograms.

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