Blazing Red Company began operations in 2016. On August 28 inventory and most of the accounting records. The following 2019, a fire broke out in the company's warehouse destroying inventory and most of the accounting records. information was assembled from the microfilmed records. All s and purchases are on account. Jan. 1, 2019 Aug. 28, 2019 P575,400 522,360 352,560 Inventory Accounts Receivable P515,560 491,400 Accounts Payable Collections from customers, January 1 to August 28, 2019 Payments to suppliers January 1 to August 28, 2019 Goods out on consignment on August 28, 2019, at cost Goods in transit at August 28, 2019 purchased FOB shipping point 3,015,200 1,950,000 195,000 69,500 The company's average gross profit percentage for the past three years is 30%. REQUIRED: What is the inventory fire loss?

Blazing Red Company began operations in 2016. On August 28 inventory and most of the accounting records. The following 2019, a fire broke out in the company's warehouse destroying inventory and most of the accounting records. information was assembled from the microfilmed records. All s and purchases are on account. Jan. 1, 2019 Aug. 28, 2019 P575,400 522,360 352,560 Inventory Accounts Receivable P515,560 491,400 Accounts Payable Collections from customers, January 1 to August 28, 2019 Payments to suppliers January 1 to August 28, 2019 Goods out on consignment on August 28, 2019, at cost Goods in transit at August 28, 2019 purchased FOB shipping point 3,015,200 1,950,000 195,000 69,500 The company's average gross profit percentage for the past three years is 30%. REQUIRED: What is the inventory fire loss?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

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Can you please give me correct answer the general accounting question?
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