6. Given the following information, calculate the estimated physical inventory if shortage is estimated to have been 0.88%. Present your answer with a dollar sign, comma separator, rounded to the dollar. Net Sales $380,670 Closing Book Inventory $64,388

6. Given the following information, calculate the estimated physical inventory if shortage is estimated to have been 0.88%. Present your answer with a dollar sign, comma separator, rounded to the dollar. Net Sales $380,670 Closing Book Inventory $64,388

Name: chapter 7 6. Given the following information, calculate the estimated
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Description: chapter 7 6. Given the following information, calculate the estimated physical inventory if shortage is estimated to have been 0.88%. Present your answer with a dollar sign, comma separator, rounded to the dollar.Net Sales$380,670Closing Book Invent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc.Balance Sheet BeginningBalance EndingBalance Assets Cash $ 126,000 $ 137,000 Accounts receivable 333,000 476,000 Inventory 574,000 488,000 Plant and equipment, net 817,000 789,000 Investment in Buisson, S.A. 403,000 430,000 Land (undeveloped) 249,000 255,000 Total assets $ 2,502,000 $ 2,575,000 Liabilities and Stockholders' Equity Accounts payable $ 378,000 $ 333,000 Long-term debt 972,000 972,000 Stockholders' equity 1,152,000 1,270,000 Total liabilities and stockholders' equity $ 2,502,000 $ 2,575,000 Joel de Paris, Inc.Income Statement Sales $ 4,862,000 Operating expenses 4,035,460 Net operating income 826,540 Interest and taxes: Interest expense $ 123,000 Tax expense 204,000 327,000 Net income…
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