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You are called by Kevin Garnett of Celtic Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available. Inventory, July 1 $ 38,000 Purchases—goods placed in stock July 1–15 90,000 Sales—goods delivered to customers (gross) 116,000 Sales returns—goods returned to stock 4,000 Your client reports that the goods on hand on July 16 cost $30,500, but you determine that this figure includes goods of $6,000 received on a consignment basis. Your past records show that sales are made at approximately 25% over cost. Garnett's insurance covers only goods owned. Instructions Compute the claim against the insurance company.
We are learning about the Volume based costing systems and the Activity Based Systems. Briefly explain the Volume based costing system and how it operates. Additionally, explain how the ABC system operates.
Evaluate taxable income and income tax payable for 2012. Evaluate the amounts reported as assets and liabilities of the Schimmel Company?
Flax, LLC purchased only one asset during 2011. It placed in service a computer (5-year property) on January 16th with a basis of $14,000. Calculate the maximum depreciation expense. (Ignoring Section 179 and bonus expensing).
What recommendation would you make to the, management of Busy Beaver Corp. about evaluating capital expenditure proposals? Support your recommendation with the appropriate rationale.
What will be the net book value of the machine at the end of its 8 th yr of use before it is disposed of, under each depreciation method?
Calculate the total gain that the two companies can achieve by entering into a swap between them and explain briefly why such swap transforms a fixed rate liabilities of ABC inc. in floating rate liabilities
you determine that customers owed the company $51,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $1,100 at year-end, and the rent payment was for a two-year period. Comput accrual ..
Find Variable expense per unit, and total fixed expenses. Would you advise adopting this plan?
Determine a budget variance and a volume variance and determine a budget variance and a volume variance for fixed manufacturing overhead costs for the year
The total amount reported in the cash flows from investing activities section of the statement of cash flows
Computation of net income and Use the following information to calculate the company's accounting net income for the year.
it had a retail price of $37,000. In addition, Tighe’s employer gave him $5,000 with which to pay the taxes on the prize. How much must Tighe include in his gross income?
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