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Question 1: A company's warehouse was destroyed by a tornado on March 15. The following information was the only information that was salvaged: 1. Inventory, beginning: $28,0002. Purchases for the period: $17,0003. Sales for the period: $55,0004. Sales returns for period: $700The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory?Question 2:MMM Store uses the periodic inventory system and had the following transactions during the month of May:May 3 Sold merchandisce toa customer on credit for $600, terms 2/10,n/30. The cost of the muerchandise sold was $350.May 4 Sold merchandise to a customer for cashof $425. The cost of the merchandise was $250.May 6 Sold merchansice to a customer on credit for $1,300, terms 2/10, n/30. The cost of the merchandise sold was $750.May 8 The customer from May 3 returned merchanside with a selling prince of $100. The cost of the merchandise returned was $55May 15 The customer from May 6 paid the full amount due, less any appropriate discounts earned.May 31 The customer from May 3 paid the full amount due, less any appropriate discournts earned. Prepare the required journal entries that MMM Store must make to record these transactions.
How do the provisions of SFAS No. 123(R) differ from the bill introduced by members of Congress (Dreier and Eshoo), which would require expensing for options issued to only the top five officers in a company? Which approach do you think would res..
Assume that the brand manager forecasts upcoming sales of SUSI to be 150,000 units, and that there are 35,000 units of SUSI in inventory
Determine both the relationship of risks in the planning of the audit and factors that influence those risks. Speculate on which type of risk creates the most uncertainty for the auditor, and recommend at least two ways to plan the audit to mitiga..
What problems are associated with using the average cost per unit as a performance measure? What problems are associated with using the variable cost per unit as a performance measure?
What does the accounting model of business valuation focus on?
Make a balance sheet and income statement as of December 31, 2003, for Sharpe Manufacturing Company from the following information.
Prepare the journal entries necessary to record the transactions above using the appropriate dates. Prepare the adjusting entries necessary at Dec. 31, 2007 in order to properly report interest expense related to the above transactions. Assume stra..
Provide journal entries for each transaction. Provide adjusting entries at the end of the year. Prepare and income statement at the end of the year.
Shipyard Corp. acquired Boatworks Corp. in a Type A reorganization on October 19, 2011. On the date of acquisition, Boatworks had a deficit in its earnings and profits of $30,000.
Suppose that the total cost for your current year in college equals $20,000. Approximately how much would your parents have required to invest twentyone years ago in an account paying 8 percent compounded annually to cover this amount?
Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands.
You believe that the market has changed so much that valuation of the underlying asset cannot be based on past performance. What rules and regulations would guide the actions that you would take? What actions would you take, and why?
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