On April 15 of the current year, a fire destroyed the entire inventory of Nourish, a retail store. The following data are available:            Sales, January 1 through April 15                                    $473,000            Inventory, January 1                                                               60,000            Purchases, January 1 through April 15                           372,000            Markup on cost                                                                             25% The amount of the inventory loss is estimated to be

Q: Windsor Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $154,200,…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

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

A: Memorandum Trading account is an Account which is prepared at a certain period of time to evaluate…

Q: How much is the estimated inventory fire loss?

A: In order to find out estimated inventory fire loss, we need to find out the cost of inventory lying…

Q: On April 15, a bad day in many ways, a fire destroyed the entire inventory of a local retail store,…

A: The difference between the sales and the cost of goods sold is called gross profit. Gross profit…

Q: Sarasota Lumber Company handles three principal lines of merchandise with these varying rates of…

A: Inventories are the current assets held for sale or manufacture in the ordinary course of business.…

Q: Allgone Company's inventory was destroyed by fire. Its records show net sales of $90,000, beginning…

A: Answer:-  Ending inventory:- The value of products still on the hand and available for sale by an…

Q: Sheffield, Inc. has 8 computers which have been part of the inventory for over two years. Each…

A: Cost of computer      =    $550 Selling price             =   $940 Replacement cost =     $350…

Q: On April 31 2017 KIFOs store room was destroyed by fire. KIFO requires an estimate of the cost of…

A: Sales given is 1,080,000, using sales calculate the Cost of goods sold. Formula for cost of goods…

Q: Harry Company's reoords indicate the following information: Merchandise inventory, January 1, 200X7…

A: Closing inventory means the amount of inventory in hand at the end of specified period. We can apply…

Q: Over the past 3 years, the gross profit rate for Jini Company was 30%. Last week a fire destroyed…

A: Inventory destroyed = Beginning inventory + Net purchases - Cost of goods sold Cost of goods sold =…

Q: he employer provided the accommodation to its employee costing £ 80,000 with annual value of £1,000…

A: Tax on accommodations - Accommodations provided by the employer is consider a perquisite in the…

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

A: The merchandise loss can be incurred due to fire or theft, etc. This loss can be estimated with the…

Q: A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20--. Fortunately,…

A: The gross profit is calculated as the difference between sales and cost of goods sold. The estimated…

Q: How much is the loss on fire at Nov 6, 20X1?   a. 3,900 b. 9,150 c. 13,000 d. 30,500

A: Loss on fire :- Inventory on 6th Nov 2021 * 30% Closing inventory on 6th Nov 2021 :- (opening…

Q: A fire destroyed a warehouse of the Goren Group, Incorporated, on May 4, 2024. Accounting records on…

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

Q: Crane Company lost all of its inventory in a fire on December 26, 2022. The accounting records…

A: The cost of goods sold is the formula used to compute the cost incurred on the goods sold during the…

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: Howard's Supply Co. suffered a fire loss on April 20, 2021. The company's last physical inventory…

A: Inventory is considered as current assets of the company. It is considered as most valuable asset as…

Q: Headland Company lost most of its inventory in a fire in December just before the year-end physical…

A: Ending inventory can be calculated by deducting the cost of goods sold from the cost of goods…

Q: The Hibiscus Lodge is a trader in plastic ornaments. On January 31, 2012 a fire       destroyed a…

A: Inventory is one of the important current asset being used in business. Cost of goods sold means…

Q: On August 31, a hurricane destroyed a retail location of Vinny's Clothier including the entire…

A: Effective inventory management is important to the success of any business that sells physical…

Q: Marigold Inc.’s April 30 inventory was destroyed by the explosion of an underground oil tank.…

A: Gross Profit is profit earned on selling the goods, which is calculated by deducting Cost of goods…

Q: Sunland Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on…

A: Solution: Introduction: Inventory means goods are available for sale and raw materials used in the…

Q: Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…

Q: All goods were completely destroyed except for partially damaged goods that normally sell for…

A: Calculation of Closing Inventory: Particulars Amount(P) Opening Inventory, January 1 P1,320,000…

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: A fire destroys all of the merchandise of Bonita Company on February 10, 2025. Presented below is…

A: Income statement is a financial statement that shows profitability, total revenue and total…

Q: A fire completely destroyed the entire inventory of Printing Delight Co. on March 15, 20--.…

A: Part (1)   Calculation of the cost of goods sold for the time period Net Sales - Gross Profit =…

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

A: >Ending inventory is the amount of inventory left on hand at the end of period. >Due to…

Q: Waterway Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $160,900,…

A: Cost of goods available for sales = Beginning inventory + Purchases Ending inventory = Cost of goods…

Q: For financial accounting purposes, the salary of Lake Company’s president is classified as…

A: Period costs: Period costs are the costs other than the product costs. These costs are not incurred…

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: mation is available:   Sales, January 1 through July 8 $ 700,000 Inventory, January 1 130,000…

A: The ending inventory is calculated as difference between cost of goods available for sale and cost…

Q: At year-end, a storm surge damaged the warehouse of Beaver Company. The entire inventory and many…

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

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: A fire destroyed all ABC's merchandise inventory on October 1. On January 1 the balance in inventory…

A: Gross profit margin = Sales * 32/132Estimated cost of goods sold = Sales * 100/132Estimated…

Q: he following information is available for October for Pharoah Company. (Round answers to 0 decimal…

A: solution: given Beginning inventory $320000 Net purchases 1040000 Net sales…

Q: Elijah Company uses the conventional retail inventory method to account for inventory. Cost Retail…

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

Q: A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20- -. Fortunately,…

A: Gross profit = sales * gross profit percentage

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: Cullumber Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on…

A:

Q: Cullumber Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on…

A: 1. Cost of Goods Destroyed - Cost of Goods Destroyed by fire is the goods destroyed and reduced from…

Q: On April 15 of the current year, a fire destroyed the entire uninsured inventory Sales, January 1…

A: The sales revenue is calculated as sum of cost of goods sold and markup cost value. The inventory…

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.