Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn’s house. At the end of the current period, Emma looks over her inventory and finds that she has ∙ 1,300 units (products) in her basement, 20 of which were damaged by water and cannot be sold. ∙ 350 units in her van, ready to deliver per a customer order, terms FOB destination. ∙ 80 units out on consignment to a friend who owns a retail store. How many units should Emma include in her company’s period-end inventory?

Q: Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the…

A: Note: Titles of goods under FOB destination are transferred to the purchaser only when goods are…

Q: Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a…

A: SOLUTION- IN THAT QUESTION , STANFORD INCURR EXPENSES TO ACQUIRING RESTAURANT AS WELL AS ACQUIRING…

Q: Mary operates a wholesale business that distributes high quality doll houses. One day, her best…

A: Answer.Mary received a canned food already sold to a customer worth $500 and the cost of those goods…

Q: On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces of bread toasters.…

A: Consignment sales is an agreement where one party agrees to sell the goods of another party on…

Q: Tractor Co. signed a contract to sell a tractor to Green Inc. for $55,000. Green paid for the…

A: Here given the details which can be recognized the sales revenue in the different situation which…

Q: Murphy Hardware bought 800 3-cubic-feet bags of organic peat moss from Mitchell Garden Distributors…

A: Journal is the book of original entry in which all the financial transactions relating to the…

Q: Splish Brothers Bank and Trust is considering giving Pohl Company a loan. Before doing so, it…

A: Answer:

Q: Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the…

A: Units stored in basement means units in hand = 600 units

Q: Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a…

A: Investigation Expenses: Investigation expense refers to the start-up expenses which is accrued…

Q: Bobbie Howell was at home when he received a call from the fire department telling him his store had…

A: To calculate the inventory which is lost in fire , we need to calculate the closing inventory as on…

Q: Your answer is partially correct. After visiting with Andrea, Brad received a fax from one of…

A: Sales Price for special order = Normal sales price + premium = 0.50 + 0.50*10% = $0.55 per unit

Q: Toyboy (Pty) Ltd is a small company in the Cape, it manufactures household light fittings and sells…

A: The cost of the warranty repairs means the cost that is incurred in the process of repairing the…

Q: Special People Industries (SPI) is a nonprofit organization that employs only people with physical…

A: (1). Compute the net present value under new and old machinery option as follows:…

Q: Gwyn Tring, trading as Clickety Clocks, imports and resells clocks. He pays for the costs of…

A: Given the following information: Opening Inventory: $17,000 Purchases: $75,000 Carriage inwards:…

Q: A distributor of artistic iron-based fixtures acquires a piece for $1,000, terms FOB shipping point.…

A: Cost of Inventory: It can be defined as the cost of buying the merchandise, deducting any discount…

Q: Harold Monette vacationed at Lake Tahoe last winter. Unfortunately, he broke his ankle while skiing…

A: Definition:   Cost allocation: The process of assigning the cost to the cost object is cost…

Q: even === You are the warehouse manager for a kitchen supplies store. On a Sunday in May, you receive…

A: Inventory: It refers to the items that are used as raw material, semi-finished goods, or the…

Q: Brad Essary owned a small company that sold garden equipment. The equipment was expensive, and a…

A: Given, Normal loss = 4% of inventory Balance prior to fire = $138,000

Q: Tri-State Bank and Trust is considering giving Concord Company a loan. Before doing so, management…

A: 1.   Concord sold goods costing $32,000 to Lilja Company, FOB shipping point, on December 28. The…

Q: Harold Monette vacationed at Lake Tahoe last winter. Unfortunately, he broke his ankle while skiing…

A:

Q: Jerry sprayed ury Losses: with a pesticide in June 2021. Shortly thereafter, all of the trees and…

A: Claim refers to the amount one receives after an incident which occurs.The payee to that person is…

Q: Harold Monette vacationed at Lake Tahoe last winter. Unfortunately, he broke his ankle while skiing…

A:

Q: Sadia sells car first aid kits by mail order. The cost to her of each kit purchased from the…

A: No. of  first aid kits has Sadia purchased in August 20X1 = inventory at the end of the month + No.…

Q: Madam Lorraine’s daughter Maame Efua has just completed Senior High School and due to the Covid 19…

A: In the given case, the daughter is still in Senior High School but has helped her mother for few…

Q: Jane is an employee of Rohrs Golf Emporium. The shop allows employees to purchase equipment at…

A: FMV (Fair Market Price):-It is a price at which products sell in the open market. One compares the…

Q: Bob's Bee Emporium makes organic honey, which Bob sells at farmers' markets. The value of his Bee…

A: In the given case, Bob's bee emporium and neighborhood property, Daisy's daycare center, have the…

Q: Kabe owns a fleet of light delivery vehicles. One of his delivery vehicles with a market value of…

A:

Q: Bridgeport van Leeuwen operates a very busy roadside fruit and vegetable stand from May to October…

A: Premium expenses are the incurred to benefit the customers as well as the business companies.

Q: Churchill Chocolates owns and operates polar bear-themed chocolate stores in separate geographical…

A: Discontinued operations is a bookkeeping term that alludes to parts of an organization's center…

Q: Brad Essary owned a small company that sold garden equipment. The equipment was expensive, and a…

A: Inventory lost, damaged and stolen = Inventory balance x 4% = $166000*4% = $6,640

Q: Electronics, Inc. is a high-volume, wholesale merchandising company. Most of its inventory turns…

A: The principle of conservatism is recognised globally in almost all countries for the purposes of…

Q: A master carver of wooden birds operates her business out of a garage. At the end of the current…

A: FOB (Freight on board) Destination is a delivery term which implies that the vender holds the lawful…

Q: Jane is an employee of Rohrs Golf Emporium. The shop allows employees to purchase equipment at…

A: Gross profitIron=FMV×1-Gross profit percent=$1,180×1-0.20=$944

Q: Coby is plumber who engages Peter to buy materials on his behalf. Peter is given a limit of $1,500…

A: Agency is simply an agreement by one person (the principal) in terms of which they transfer…

Q: Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the…

A: Ending inventory includes inventory in hand, inventory in transit, and inventory sent on a…

Q: Mary Potts arrived at her stored on the morning of January 29, she found empty shelves and display…

A: The perpetual inventory method and periodic inventory method are the methods used to count the…

Q: Consider a household on a given day received 20 Ib of consumer goods (food, paper, cardboard, and…

A: A material balance is a method to prepare an accounting of inflows, outflows and consumption of…

Q: his way to deliver merchandise ordered by his customer when another driver lost control over his…

A: Gross income refers to the sum total of money earned by an entity through multiple sources such as…

Q: Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doingso, it decides that…

A: Inventory: Inventory refers to the raw materials, work-in-process, and the finished goods products…

Q: Brad Essary owned a small company that sold garden equipment. The equipment was expensive, and a…

A: Formula: Inventory balance = Beginning inventory balance - Inventory sold and delivered but not…

Q: Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the…

A: Total units in period-end inventory = Units of product on hand + Number of units in Van + Number of…

Q: David Patel was at home when he received a call from the fire department telling him his store had…

A: Net Purchases = Purchases for the year + Freight In = $280,000 + $13,700 = $293,700 Cost of goods…

Q: Street Bank is considering giving Fallen Company a loan. Before doing so, it decides that further…

A: Inventory- Inventory is the goods that a company keeps in order to generate revenue. This includes…

Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.