Nguyen Companys insurance agent requires an estimate of the cost of merchandise lost by fire on March
Question:
Nguyen Company’s insurance agent requires an estimate of the cost of merchandise lost by fire on March 9. Merchandise inventory on January 1 was $70,000. Purchases since January 1 were $170,000; freight in, $15,000; and purchase returns and allowances, $10,000. Sales are made at a gross margin of 20% of sales and totaled $200,000 up to March 9. What was the cost of the merchandise destroyed?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (14 reviews)
Sales 200000 Cost of goods sold Inventory January 1 70000 Purc...View the full answer
Answered By
Shivani Dubey
Hello guys, I am very good with the Advance mathematics, Calculus, Number theory, Algebra, Linear algebra, statistics and almost all topics of mathematics. I used to give individual tutoring students in offline mode but now want to help students worldwide so I am joining here. I can also give solutions in various coding languages of mathematics and software like mathematica, R, Latex, Matlab, Statistica, etc.
feel free to ask any doubt regarding mathematics
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
Question Posted:
Students also viewed these Managerial Accounting questions
-
Gross Profit Method Zidek Corp. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $92,000; freight-in,...
-
Tim Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $72,000; freight-in, $3,400; purchase...
-
An estimate of the demand function for household furniture produced the following results: F = 0.0036Y1.08 R0.16 P0.48 r2 = 0.996 Where F = furniture expenditures per household Y = disposable...
-
Question 4. The brain of leech lies above the: a) Mouth b) Buccal Cavity c) Pharynx d) Crop
-
Debussy Company has prepared a set of financial statements: balance sheet, income statement and statement of retained earnings (see Exhibit 1). The accounting period X1 ends on 30 September X1. Due...
-
What are the main weaknesses in an internal control system that permit fraudsters the opportunity to commit cash larceny schemes?
-
A partnership is formed by Terrence investing $150 000 and Marco investing $100 000. The partners are considering the following plans for dividing profits and losses. According to the ratio of their...
-
Analysis of Subsequent Expenditures Accardo Resources Group has been in its plant facility for 15 years. Although the plant is quite functional, numerous repair costs are incurred to maintain it in...
-
after determing a reported vulnerability was a credible claim the product security incident response team worked with develpment teams to create and test a patch. the patch is schedule t obe released...
-
Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20--. There is a 7% sales tax. Apr. 1 Sold merchandise to O. L. Meyers, $2,100, plus sales tax. Sale...
-
An earthquake caused heavy damage to the Sellwood Antique Store on May 3, 20X8. All merchandise was destroyed. Some accounting data are missing. In conjunction with an insurance investigation, you...
-
An accounting clerk of the Blakely Company absconded with cash and a truck full of electronic merchandise on May 14, 20X4. The following data have been compiled for 20X4: Beginning inventory, January...
-
Trotmans Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during the year have been journalized and posted. The following data with...
-
Which method declarations can @SafeVarargs be correctly applied to? (Choose two.) A. protected void hum(double... tune) B. final int whistle(int length, float... measure) C. static void sing() D....
-
Which are true statements? (Choose two.) A. A PreparedStatement is generally faster than a Statement when each is run 100 times. B. A PreparedStatement is generally slower than a Statement when each...
-
The company just took a physical count of inventory and found $75 worth of inventory was unaccounted for. It was either stolen or damaged. Which journal would the company use to record the correction...
-
Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales...
-
Assume a company has a $350 credit (not cash) sale. How would the transaction appear if the business uses accrual accounting? A. $350 would show up on the balance sheet as a sale. B. $350 would show...
-
Why do you think that parallel activities between corporate strategic planning and information systems planning should be established?
-
If someone's Z-score for a variable was 0.67. Their score is a significant extreme score. Their score is not significant. O Their score is slightly above average. O Their score is an outlier.
-
(a) Use Figure \(7.2 a\) to calculate the kinetic energies of the two carts at \(t=30,60\), and \(90 \mathrm{~ms}\). (b) What is the kinetic energy of the system at each instant? Figure 7.2...
-
Ryan Company reports net income of $5,125 for the year ended December 31, 2007, its first year of operations. On January 3, 2007, the company issued 9,000 shares of common stock . On August 1, 2007...
-
Sardel Company reported net income of $29,975 for 2007. During all of 2007 the company had 1,000 shares of 10%, $100 par, nonconvertible preferred stock outstanding, on which the years dividends had...
-
Burke Company shows the following condensed income statement information for the year ended December 31, 2007: Income before extraordinary items ........... $29,936 Less: Extraordinary loss (net of...
-
Develop a SWOT analysis of Coles potential business. b. Can Cole be profitable and if so, in what period of time? c. What are the major business assumptions that require verification? d. Does Cole,...
-
The current temperature is 12 oC and the dew point is -29 oC. What is the relative humidity in percentage? Answer to one decimal place. The current temperature is 12 oC and the dew point is -29 oC....
-
The density of the block depends on what material the block is made out of. The table below shows the average densities for 3 different kinds of Earth materials. Using these data, calculate the...
Study smarter with the SolutionInn App