On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago S The following information was available from the entity's accounting office: P1,260,000 39,600 Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Purchases Discounts 300,000 26,400 46,200 1,320,000 Purchases Returns and Allowances Purchases Required: Compute the value of the lost merchandise

Q: H. On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago Shirts. The…

A: Since you have asked multiple questions, we will solve the first question for you. If you  want any…

Q: 1,700,000 Purchases - 3,900,000 Purchase return - 300,000 Sales - 6,500,000 Sales returns - 240,000

A: Valuation of closing inventory: Valuation of closing inventory based on gross profit value and rate…

Q: On September 28, 2019, a fire destroyed the entire merchandise inventory of Carroll Corporation. The…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: On December 15, 2019 , Flanagan purchased goods costing $100,000. The terms were FOB shippingpoint.…

A: Introduction: FOB Shipping point: As per FOB shipping point terms all the charges to be paid by the…

Q: On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store.…

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Q: A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that…

A: Cost of Goods sold = Sales - Gross profit =$8,200,000-8,200,000*20%  = $6,560,000

Q: On December 31, 2020, a fire broke out in the warehouse of Cialete Company, destroying all its…

A: An income statement is known by different names as a ‘profit and loss statement’, or “earnings…

Q: Zorzi Corporation uses a periodic inventory system and the gross method of accounting for purchase…

A: Journal entries refers to the process of system documentation of the financial transactions of a…

Q: On Feb. 18, 2019, a fire destroyed the merchandise inventory of Cristina Santiago Shirts The…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. It includes…

Q: Abe's Printing Supply Company uses a perpetual inventory system. The company had the following…

A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…

Q: On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse…

A: Cost of Goods sold = Net sales - Gross profir = $550,000 - $550,000*25% = $412,500

Q: On June 19, 20X0, a fire destroyed the entire uninsured merchandise inventory of the ABC…

A: Cost of goods sold means the cost incurred on the goods which has been sold including all direct…

Q: On December 31, 2021, ABC Company sold merchandise for P 675,000 to BBB Company. The terms of the…

A: ABC Company sold merchandise for P 675,000 to BBB Company.  At a margin of 35%  markup on cost…

Q: 2021   2020   Net sales   $630,000   $390,000   Cost of goods purchased   383,400   269,600…

A: Gross Profit is the excess of revenue over cost of goods sold. Gross Profit margin is a…

Q: On September 30, 2021, Nueve Company reported that a fire caused severe damage to the entire…

A: Cost of goods sold refers to the amount incurred by an entity in the production process relating to…

Q: On September 22, 2016, a flood destroyed the entire merchandise inventory on hand in a warehouse…

A: Gross profit method:

Q: discount if the invoice is paid before 12th March 2019

A: Sales return and allowance = 40 * 70 = OMR 2800 This returns and allowance would reduce the invoice…

Q: On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse…

A: Destroyed ending inventory can be calculated by deducting the estimated cost of goods sold from the…

Q: On September 14, 2020, a typhoon damaged a warehouse of Corona Corporation. The entire company and…

A: Net loss is calculated by deducting the recoverable amount from the total loss.

Q: A whisteblower notified Bandolin Co. that one of its employees is stealing its merchandise. A…

A: Loss by theft is the loss of those inventory from warehouse which are stolen by someone in the…

Q: Blazing Red Company began operations in 2016. On August 28 inventory and most of the accounting…

A: Based on the facts given in the above problem we will plot the data into the profit and loss…

Q: On January 20, 2020, Stewart Company’s records revealed the following information: Inventory, July…

A: Inventory shows the current assets reported in the balance sheet.

Q: Determine the inventory loss as a result of the fire, using the gross profit method. (Round answer…

A: Calculation of average Gross Profit Margin

Q: On June 19, 20X0, a fire destroyed the entire uninsured merchandise inventory of the ABC…

A: Sales revenue is calculated as sum of cost of inventory and mark up value. Net sales is calculated…

Q: On April 10, 2022, fire damaged the office and warehouse of Sheffield Company. Most of the…

A: Cash sales / purchases are where cash is out-rightly paid or received  Credit sales / purchases on…

Q: On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago S The following…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: estimated cost of merchandise inventory destroyed by fire

A: Cost of goods sold = (Sales - Sales Return & Allowance) * (100% - Gross Profit Rate) Given that,…

Q: On September 28, 2019, a fire destroyed the entire merchandise inventory of the Alfonso Corporation.…

A: Cost of goods sold = Sales / (1 + Markup) = P540,000 / (1+0.20) = P450,000

Q: A fire destroys all of the merchandise -4 of A Company on January , 2020. Presented Below is…

A: Inventory refers to the value of the stock which is computed on the basis of the number of goods and…

Q: 1. On October 21, 2020, a fire destroyed the entire uninsured merchandise inventory of the Renan…

A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods…

Q: . Nectarine Company lost most of its inventory in a fire in December, 2021, just before the year-…

A: The question is related to calculation of loss as a result of fire. We will first calculate the…

Q: Fire occurred at the factory of Burny Corporation on February 16, 2020 which damaged its merchandise…

A: Answer -    Computation of estimated value of inventory damaged by fire : Particulars  Amt Amount…

Q: 1. The following events affected Austin's Auto Shop during 2019. Purchased merchandise on account…

A:

Q: On Feb. 18, 2019, a fire destroyed the merchandise inventory of Cristina Santiago Shirts. The…

A: Calculation of lost inventory is calculated by comparing the cost of goods available for sale with…

Q: BBM Company lost most of its inventory in a fire in December, 2021, just before the year-end…

A: Gross profit ratio = Gross profit / Sales where, Gross profit = Sales - Cost of goods sold

Q: PROBLEM was not recorded until it was collected in January 2021. The mercha merchandise was properly…

A: Solution Requirement 1 Net income 150000 add purchase expense relating to 2020 50000…

Q: On September 22, 2018, a flood destroyed the entire merchandise inventory on hand in a warehouse…

A: Estimated gross profit = Net sales x Gross profit rate = $570,000 x 30% = $171,000

Q: On December 31, 2020, a fire broke out in the warehouse of Cialete Company, destroying all its…

A: Goods sent on a consignment basis refers to when goods are sent by the owner (consignor) to an agent…

Q: On September 22, 2021, a flood destroyed the entire merchandise Inventory on hand in a warehouse…

A: Cost of goods sold = Sales Revenue - Gross Profit

Q: H. On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago Shirts. The…

A: The question is based on the concept of Cost Accounting.

Q: journal entry to record the Cost of goods sold in the books of seller under Perpetual inventory…

A: When goods are sold under perpetual inventory system on credit  Customer account is debited for…

Q: Long Horn Music Store uses a perpetual inventory system and had the following transactions during…

A: Journal entries recording is the first step in the accounting process in which atleast one account…

Q: Fire occurred at the factory of Burny Corporation on February 16, 2020 which damaged its merchandise…

A: Goods are sent to buyer on either one of the FOB basis. It can FOB destination or FOB shipping…

Q: 1. The following events affected Austin's Auto Shop during 2019. 1 Purchased merchandise on account…

A: Inventory:- Inventory is defined as the goods or materials which is held by particular company in…

Q: On June 30, 2021, a fire at Norjanna Company’s only warehouse caused severe damage to its inventory.…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago The following…

A: For finding the value of goods lost we will consider cost of merchandise inventory, 1/1/2020,…

Q: 1. The followving events affected Austin's Auto Shop during 2019. Purchased merchandise on account…

A: At the time of purchase of inventory, inventory account is debited. In case of discount received,…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is