. Nectarine Company lost most of its inventory in a fire in December, 2021, just before the year- end physical inventory was taken. The company's books disclosed the following: Invy, 1/1/21 - 1,700,000 - 3,900,000 300,000 6,500,000 240,000 Purchases Purchase return Sales %3 Sales returns Merchandise costing P126,000 remain undamaged after the fire. Damaged merchandise with an original selling price of P150,000 had a net realizable value of P53,000. A partial comparative profit and loss for 2020 and 2019 also disclosed the following: 2020: Sales - 5,000,000; CGS - 3,025,000 2019: Sales - 5,600,000; CGS - 3,332,000 Assuming that Nectarine Company had no insurance coverage, what is the amount of loss as a result of the fire? *

. Nectarine Company lost most of its inventory in a fire in December, 2021, just before the year- end physical inventory was taken. The company's books disclosed the following: Invy, 1/1/21 - 1,700,000 - 3,900,000 300,000 6,500,000 240,000 Purchases Purchase return Sales %3 Sales returns Merchandise costing P126,000 remain undamaged after the fire. Damaged merchandise with an original selling price of P150,000 had a net realizable value of P53,000. A partial comparative profit and loss for 2020 and 2019 also disclosed the following: 2020: Sales - 5,000,000; CGS - 3,025,000 2019: Sales - 5,600,000; CGS - 3,332,000 Assuming that Nectarine Company had no insurance coverage, what is the amount of loss as a result of the fire? *

Name: . Nectarine Company lost most of its inventory in a fire in December,
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Description: . Nectarine Company lost most of its inventory in a fire in December, 2021, just before the year-end physical inventory was taken. The company's books disclosed the following:Invy, 1/1/21 - 1,700,000- 3,900,000300,0006,500,000240,000PurchasesPurchas

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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