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When Mary Potts arrived at her store on the morning of January 29, she found empty shelves and display racks; thieves had broken in during the night and stolen he entire inventory. Accounting records showed that inventory costing $50,000 on Jan 1. From Jan 1 to Jan 29, Potts had made net sales of $70,000 and net purchases of $80,000. The gross profit during the past several years had consistently averaged 42 percent of net sales. Potts plans to file an insurance claim for the theft loss.
Using the gross profit method, estimate the cost of inventory at the time of the theft.
Doe Potts use the periodic inventory method or does she account for inventory using the perpetual method?
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As the source data (i.e. selling price, variable cost per unit, fixed costs and units sold) will change on a monthly basis, you should use formulas to automatically calculate the following values for the income statement and cost-volume-profit ana..
Calculate the subsequent realized gain, recognized gain and the adjusted basis of his new residence
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What is the amount that the shareholder may deduct on his personal income tax return, assuming the at-risk and passive activity rules do not apply?
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