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A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2011. Accounting records on that date indicated the following:
The gross profit ratio has averaged 20% of sales for the past four years.
Required:
Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
explain to me where the numbers came from so i can do this on my own in the future. lobianco companys record of
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Also, the partnership will assume responsibility for a $30,000 note secured by a mortgage on that building. Wright will invest $50,000 cash. For the partnership, the amounts to be recorded for the building and for Chen's Capital account are ??
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As of December 31, 20XX, Michael Corp's fixed assets before depreciation were $14,000,000. Its sales for the year were $32,000,000. Its EBIT for 20XX was $1,500,000, and its accumulated depreciation on fixed assets was $4,000,000. What was its fi..
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