The inventory of faber company was destroyed by fire on

Assignment Help Accounting Basics
Reference no: EM13597613

The inventory of Faber Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales $51,000, Sales Returns and Allowances $1,000, Purchases $31,200, Freight-in $1,200, and Purchase Returns and Allowances $1,400.

Determine the merchandise lost by fire, assuming:

(a) A beginning inventory of $20,000 and a gross profit rate of 40% on net sales.

(b) A beginning inventory of $30,000 and a gross profit rate of 30% on net sales.

Reference no: EM13597613

Questions Cloud

A june sales forecast projects that 6000 units are going : a june sales forecast projects that 6000 units are going to be sold at a price of 10.50 per unit. the desired ending
Dorian company produces and sells a single product the : dorian company produces and sells a single product. the product sells for 60 per unit and has a contribution margin of
On july 1 2010 stine co purchased 100000 of 8 bonds for : on july 1 2010 stine co. purchased 100000 of 8 bonds for 97687.4 plus accrued interest as an available-for-sale
Riven corporation has a single product whose selling price : riven corporation has a single product whose selling price is 12. at an expected sales level of 1428000 the companys
The inventory of faber company was destroyed by fire on : the inventory of faber company was destroyed by fire on march 1. from an examination of the accounting records the
The financial statements of hudson manufacturing company : the financial statements of hudson manufacturing company report net sales of 500000 and accounts receivable of 50000
Lyle o keefe invests 30000 at 8 annual interest leaving the : lyle o keefe invests 30000 at 8 annual interest leaving the money invested without withdrawing any of the interest for
Rodgers company lends lanier company 30000 on april 1 : rodgers company lends lanier company 30000 on april 1 accepting a four-month 9 interest note. rodgers company prepares
Tony and suzie see the need for a rugged all-terrain : tony and suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. they would love to

Reviews

Write a Review

Accounting Basics Questions & Answers

  How would you explain the entries to record allowance

how would you describe the entries to record the allowance methods for accounts receivables? what is their function?

  Calculate zodiacs estimated break-even point in annual unit

zodiac company has decided to introduce a new product which can be manufactured by either a computer-assisted

  Prepare journal entries to record events in the accounts

Prepare the journal entries to record above events in the accounts of S & X. . Assume that distribution of earnings onNovember 30 was payment of a dividend that was declared on November20.

  Restate golden stars income statement in contribution

golden star company manufactures and sells a unique product that has been quickly accepted by the consumers. the

  Destruction of properties due to war revolution and other

some of the risks that a u.s. based mnc can encounter in its foreign investments arei- an increase in the cost of

  Taxable stock dividend problem

Judd Harrison owns 200 shares of stock in the Widget Company for which he paid 1600 in 1999. The board of directors of the company decided to pay a 10% stock dividend in April 2010, for which Judd received 20 shares of stock. Was this a taxable st..

  Best estimate of the stock price per share

The balance sheet also shows $90 million in accounts payable, $120 million in notes payable, $300 million in long-term debt, $50 million in preferred stock, $180 million in retained earnings, and $800 million in total common equity. If the company..

  What is meant by the phrase transferred out cost why does

1. how to the weighted average and first-in first-out methods of process costing differ in their treatment of

  Write down a 700- to 1050-word paper in which you

write a 700- to 1050-word paper in which you differentiate between managerial and financial accounting.address the

  For which one of the following budgeting aspects does the

1. questiona company has total fixed costs of 210000 and a contribution margin ratio of 30. how much sales are

  If white corporation has outstanding 1000 shares of 9

if white corporation has outstanding 1000 shares of 9 cumulative preferred stock of 100 par and dividends have been

  Reflecting a positive image and content in a document or

reflecting a positive image and content in a document or report is a must especially when you want to position your

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