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Dexall Company recently had a fire in its store. Management must determine the inventory loss for the insurance company. Since the firm did not have perpetual inventory records, the insurance company has suggested that it might accept an estimate using the gross profit test. The beginning inventory, as deter- mined from the last financial statements, was $10,000. Purchase invoices indicate purchases of $100,000. Credit and cash sales during the period were $120,000. Last year, the gross profit for the firm was 40%, which was also the industry average.
Required:
a. Based on these data, estimate the inventory loss.
b. If the industry average gross profit was 50%, why might the insurance company be leery of the estimated loss?
Long Term Credit Decision: In no more than one typed page, provide a statement of your decision to lend or not lend to each firm based on your interpretation of their long-term prospects. Analyze this as you would if you were considering lend..
Identify any differences between U.S. GAAP and International Financial Reporting Standards in the methods allowed to value inventory.
would an increase in variable costs cause a company's break-even point to increase or decrease? why?
find an article from a recent issue of adweek ad age dma news or some other current marketing publications. write an
(Assume that X Co. acquired the property distributed to D in a Sec. 351 transfer 6 months before adopting the plan of liquidation when the FMV of the property was $800 and X Co.'s basis was $2,800).
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1-sebring company reports depreciation expense of 40000 for year 2. also equipment costing 140000 was sold for a 5000
a firm has a balance in its account receivable account and decides to sell the receivables to a factos without
when combining activities in an activity-based costing system activities should be grouped together at the same level.
You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.
You have just completed training for your new position in a large accounting firm. The trainer has covered the difference between manual accounting and computerized accounting.
Susan generated $55,000 of net earnings from the conduct of a tax preparation business that she operated during the tax-filing season. She also received wages of $60,000 from her full-time job. Compute the self-employment taxes due for 2010.
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