User Account

All Pages

Compute the claim against the insurance company

Assignment Help Accounting Basics
Reference no: EM132215695

Question - You are called by Tim Duncan of Spurs 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 85,000

Sales revenue-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 40% over cost. Duncan's insurance covers only goods owned.

Compute the claim against the insurance company.

Reference no: EM132215695

Questions Cloud

Draft the strategic points for a potential dissertation : Based on that identified gap, draft the 10 Strategic Points for a potential dissertation research study - Doctoral learners are required to use APA style
How can organizations recruit and retain qualified employees : Write a 4-5 page paper on exploring the benefits of management and employee attitudes, specifically the manager's influence toward professional training.
What is a swot analysis : HSA525 -The SWOT analysis should match the organization's resources and capabilities to the competitive environment in which it operates.
Examine the relationship between management and unions : Examine the relationship between management and unions. Use technology and information resources to research issues in employee and labor relations.
Compute the claim against the insurance company : Your client reports that the goods on hand on July 16 cost $30,500, Compute the claim against the insurance company
Identify the type of policy that was implemented : Please write a 2-3 page paper outlining either an opportunity that you had implementing an organizational policy or being the recipient (client).
How you obtain and utilize feedback for future improvement : This week you had the opportunity to learn about evaluation within the workplace at a level where results affect the outcome of the company's success.
Compute inventory by conventional retail inventory method : Presented below is information related to Sheffield Company. Compute the inventory by the conventional retail inventory method
How the strategy increases organizational effectiveness : Assess Southwest Airlines' strategic approach to human resource (HR) management. Determine how its strategy increases organizational effectiveness.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the responsibilities of the committee?

What are the responsibilities of the committee?

  Prepare the adjusting entry necessary as a result

Peter Kalle Company had the following account balances at year-end: cost of goods sold $60,000; merchandise inventory $15,000.

  Discuss the requisite background you and your team

The requisite background you and your team will need to adequately audit this company

  What is the amount of net income for the year

Selected account balances from the adjusted trial balance for Halogen Corp. as of its calendar year-end December 31, 2011, follow.

  Explain the independence between the auditor and the client

explain the independence between the auditor and the client on financial statement audit engagementsno word

  Discuss the diversified portfolio corporation

Prepare a statement of cash flows for 2016 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activities

  Distinguish among the given bases of comparison

Distinguish among the following bases of comparison: intracompany, intercompany, and industry averages.

  Legal and ethical considerations in marketing-product safety

You are a new associate at the law firm of Dewey, Chetum, and Howe. John, a former researcher at PharmaCARE, comes to your office. He has concerns about PharmaCARE's use of AD23, one of the company's top-selling diabetes drugs.

  Prepare entries for short-term investment

A corporation purchases 1,000 shares of Xerox stock as a short-term investment. The cost per share is $100 and there is a broker's fee of $2,000. It later sells these shares at $110 each and incurs a $3,000 broker's fee. Prepare entries for these ..

  How the income-tax basis of property received by gift

Please discuss how the Income-tax basis of property received by gift differs from the income tax basis of property received by inheritance.

  Research and secure the sec 10-k annual report

You will be asked to select a company that is publically traded. You must research and secure the SEC 10-K Annual Report for the most recent year

  Explain various deductions both voluntary and involuntary

Explain the various deductions both voluntary and involuntary that are taken out of employees gross pay

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