User Account

All Pages

What was the markup on retail

Assignment Help Accounting Basics
Reference no: EM132741119

Question: A fire destroyed most of the inventory of a furniture store. Before the fire the records showed the following:

Sales to date of the fire $460,000

Sales returns 10,000

Beginning Inventory 75,000

Purchases 375,000

Freight In 1,000

Freight Out 3,000

Depreciation Expense 14,000

Purchases Discounts 2,000

Normal markup on Cost was 1/4 or 25%

Part A: If the markup on cost was 1/4, what was the Markup on Retail?

PART B: Using the gross profit method, what was the estimated cost of the ending inventory PRIOR to the fire?

Reference no: EM132741119

Questions Cloud

What is the year 2 depreciation amount : Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $16,000 for the truck. The truck is expected to have a $3,500 residual value.
How would you characterize the project assets : How would you characterize the project assets and operating environment of capline corporations? Is a project finance structure appropriate - why/why not?
What do you think about the statement : Company A reports under IFRS and capitalises certain development costs as mandated by IFRS. The company is in steady state and the amount invested.
What was diluted earnings per share : For 2010, the Seeger Corporation reports net income of $600,000. The company has 300,000 shares of common stock outstanding throughout the current year.
What was the markup on retail : A fire destroyed most of the inventory of a furniture store. Before the fire the records showed the following: Sales to date of the fire $460,000.
Calculate the cost of acquisition of the land : X Ltd, a listed company, acquired land from Y Ltd by issuing 100000 new shares in the company to Y Ltd. X's shares were trading at $4.6 per share at the date.
Prepare the journal entry to record the initial investment : Petersen Stores invested in $100,000 face amount of 4-year bonds issued by Erik Food Supply Company on January 1, 20X1. The bonds were purchased at 98.
Explain the revaluation model using the proportionate method : Moon Inc., a publicly listed company, has a building with an initial cost of $400,000. At December 31, 2020, the date of revaluation, accumulated depreciation.
What is the maximum benefit alicia can receive : Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Travis corporation offers gruner 484 per disc for 5300

materials 10896labor 33369variable overhead 21792fixed overhead 45400total 111457gruner also incurs 6 sales commission

  Journalize the April transactions for Swan Company

Apr. 23. Bird Company paid Swan Company for purchase of April 8. Journalize the April transactions for (1) Swan Company (2) Bird Company

  How do prepare the general journal entry for march

How do prepare the General Journal entry (without explanation) for March 31. If no entry is required then write "No Entry Required."

  Suppose that youve been appointed as the speaker of the

assume that you have been appointed as the speaker of the house. you must deliver a speech about the current state of

  Prepare the partial balance sheet for Hanley Company

Accumulated Depreciation-Bldg. 670,000. Prepare the partial balance sheet for Hanley Company that shows how the above listed items would be presented

  Compare and contrast job order and process costing

Compare and contrast job order and process costing. Determine which costing method would make it easier to detect budget variances or discrepancies.

  Rocky mountain manufacturing produces a single product the

rocky mountain manufacturing produces a single product. the original budget for november was based on expected

  Discuss the cost-benefit approach

Management accounting guidelines. For each of the following items, identify which of the management accounting guidelines applies.

  Create excel worksheet to calculate gpa

Design and construct an Excel worksheet that can be used to calculate your GPA. Make sure you use formulas to total and calculate your grades for past courses as well as future ones.

  Provide journal entries to record the transactions

Provide journal entries to record the transactions using the accrual method of accounting. Determine Green's net income for the first quarter using the accrual method of accounting. Prepare Green's Balance Sheet for the First Quarter

  Star corporation issued both common and preferred stock

star corporation issued both common and preferred stock during 20x6. the stockholders equity sections of the companys

  Determine the cost recovery for year

Problem - Charlie purchased an apartment building on November 16, Year 1, for $1,000,000. Determine the cost recovery for Year 20

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