On February 7 of the following year,the merchandise inventory was destroyed by fire based on the following data obtained from the accounting records,estimate the cost of the merchandise destroyed: Jan 1 merchandise inventory 140,600 Jan 1-Feb 7 purchase (net) 38,000 Jan 1-Feb sales (net)........68,000 Estimated gross profit rate ....40%

Q: On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by the…

A: Given,  Gp ratio = 40% = 100 * Gross profit / Net sales Purchase = 420000 Net sales = 620000…

Q: Gross Profit Method A fire completely destroyed all the inventory of Glisan Lumber Yard on August…

A: Gross profit of the business means Sales Revenue less cost of goods sold. Gross Profit = Sales…

Q: On February 26 a hurricane destroyed the entire inventory stored in a warehouse owned by the…

A: Cost of inventory destroyed can be found out by applying the gross profit ratio on sale and finding…

Q: A flood recently destroyed many of the financial records of Rizal Company. The company uses an…

A: Average Cost of Inventory Valuation System:-This is a method of computing inventory by dividing…

Q: A fire in July, just before the year-end physical inventory, destroyed the majority of GH…

A: Gross profit is the sales revenue which is over and above cost of goods sold. Cost of goods sold…

Q: The following information is available for October for Norton Company. Beginning inventory $400,000…

A: Loss by fire is the loss of those inventories from warehouse which are damaged by fire in the…

Q: On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by the…

A: Gross Profit Method:   Under this method, the beginning inventory is added to the net purchases…

Q: A fire destroys all of the merchandise of Assante Companyon February 10, 2017. Presented below is…

A: Calculate the cost of goods sold during the year 2017.

Q: On March 15, a fire destroyed MyCompany's entire retail inventory. The inventory on hand as of…

A: Cost of goods sold = Beginning inventory + Purchases + Freight in - Closing inventory

Q: The inventory of Swifty Company was destroyed by fire on March 1. From an examination of the…

A: Net Purchase cost = Purchases for the year - Purchase returns + Freight = $34,000 - $1,500 - $1,300…

Q: The following information is available for October for Barton Company: Beginning inventory $350,000…

A: Compute the cost of goods sold (COGS): Gross profit on sales 40%  66.67% / (100% + 66.67%)…

Q: A sole trader fixes her prices by adding 50 per cent to the cost of all goods purchased. On 31…

A: We have the following information: Sole trader fixes her prices by adding 50 per cent to the cost…

Q: Blossom Company reported the following information for November and December 2022. November December…

A: Ending inventory is the price of factors handy there at cease of a reporting period. For a company…

Q: The ABC Company had its entire inventory destroyed when a fire swept through the company's…

A: Inventory valuation is a technique that is used by companies to find out the value of the ending…

Q: On April 15 of the current year, a fire destroyed the entire uninsüred are available: Sales, January…

A: Solution: Option(a) . 120,000 is the correct answer. The amount of inventory loss estimated…

Q: On June 13, 20X8, a fire completely destroyed all the inventory of Salmon Lumber Company.…

A: Under Gross profit method, cost of sales is calculated from sales and gross profit earned. Further,…

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: A fire on 28th Feb destroyed some of a company’s inventory and its  inventory records. The following…

A: Inventory is the value of goods manufactured, purchased or traded by the company.

Q: On 30 September 2014 part of the inventory of a company was completely destroyed by fire. The…

A: Cost of goods sold = Sales - gross profit = $130000 - 130000 x 30% = $91,000

Q: Using the gross profit method, the estimated ending inventory destroyed by fire is a. £34,000. b.…

A: Given information is: Sales = £600000 Percentage markup on cost  = 66.67% Then Cost of goods sold =…

Q: On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by the…

A: The gross profit approach is a method of determining the volume of finishing inventory in a given…

Q: Swifty Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $159,400, and…

A: The cost of goods sold represents the total cost of the goods that are required in the production…

Q: Blossom Company reported the following information for November and December 2022. November December…

A: Gross profit is the excess of the sales revenue over the cost of goods sold which is the cost…

Q: The following information is available for October for Decko Company. Beginning inventory…

A:

Q: The following information is available for July for Aluminum Company. Beginning inventory Net…

A: Ending Inventory = Beginning Inventory + Purchases - Cost of goods sold   Cost of goods sold =…

Q: Company A reported that a flood recently destroyed many of their financial records. The entity used…

A: Ending inventory may be defined as the balance of inventory in the hands of company at the end of…

Q: A fire destroys all of the merchandise of Assante Company on February 10, 2020. Presented below is…

A: Closing stock = Cost of goods available for sale - Cost of goods sold First we need to calculate…

Q: Blue Spruce Corporation's March 31 inventory was destroyed by fire. January 1 inventory was…

A: We assume that all the inventory of 31 March was destryed by the fire.

Q: Fosbre Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $150,000, and…

A: Step 1: Calculate the cost of goods sold.

Q: A fire destroyed Sheridan's October 31 inventory, leaving undamaged inventory with a cost of $20500.…

A: Calculation of Cost of Goods Sold= [Net Sales / 166.67] x 100= [2,120,000 / 166.67] x 100=…

Q: On March 1, AYE Merchandising had an inventory of P560,000 in its retail store. Purchases made in…

A: Loss by Fire - Loss by fire or any other natural calamities is an extraordinary loss for the…

Q: Supreme Clothing suffered a hurricane loss and needs to estimate the cost of the inventory that was…

A:

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: On 1st Nov 2020, a business had inventory of $380,000. During the month,  sales totalled $650,000…

A: Data given: Opening inventory = $380,000 Purchase during the month= $480,000 Sales during the month…

Q: On 30 September 20X1 part of the inventory of a company was completely destroyed by fire. The…

A: Gross Profit (130,000 * 30%) = 39,000

Q: On 30 September 20X1 part of the inventory of a company was completely destroyed by fire. The…

A: Trading Account will be prepared to identify the cost of the inventory destroyed in a particular…

Q: On June 30, a fire destroyed Intense Company's entire inventory. The inventory on January 1 totaled…

A: Cost of goods sold = P7800000 × 70%       =   P5460000

Q: The Star Company's inventory was partially destroyed on July 4, 2004, when its warehouse caught on…

A: The entity saved an inventory of $ 8500, which means the remaining inventory is destroyed by fire.…

Q: On 1st Jan 2006, a business had inventory of $19,000. During the month, sales totalled $32,500 and…

A: Here, we need to use the retail gross profit method to assess thr loss. This method is used by the…

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: Muller Computers stores its inventory in a warehouse that burned to the ground in late November,…

A: Calculation of ending inventory Ending inventory = Beginning inventory + Purchases - Cost of Goods…

Q: Buffalo Company reported a December 31 ending inventory balance of $412,000. The following…

A: Inventory: Inventory refers to the goods which are available for sale and raw materials which are…

Q: Over the past 3 years, the gross profit rate for Jini Company was 42%. Last week a fire destroyed…

A: Beginning inventory = $ 6350 Net purchases = $ 64700 Net sales at retail = $ 49700 Gross profit…

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.