Switzer, Inc. has 5 computers that have been part of the inventory for over two years. Each computer cost $600 and originally retailed for $900. At the statement date, each computer has a current replacement cost of $400. How much loss should Switzer, Inc. record for the year?Sub. Account.
Q: I need answer of this question solution general accounting
A: Explanation: The machine was purchased on November 1. The journal entry for depreciation on machine…
Q: None
A: Advertising expense 180,000.00 Depreciation on the building 20,000.00 Maintenance cost on…
Q: Get correct answer accounting
A: Approach to solving the question: a. Receivable turnover Receivables Turnover = Credit Sales /…
Q: What is answer?
A: Explanation of Appropriation of Retained Earnings: This is an internal accounting designation where…
Q: give me answer in table formate
A: DateAccount TitlesDebitCreditExplanationOct. 31, 2024Depreciation Expense19,468 To record…
Q: Blue Sky Corporation wants to khnow how much to invest today to have $75,000... Please need answer…
A: Present Value = Future Value / (1 + Interest Rate)Given:Future Value = $75,000Interest Rate = 10% =…
Q: ANSWER PLEASE
A: Step 1: Calculate the Sales for 2018We know that sales increased by 5.4% from 2017 to 2018. The…
Q: White Company has two departments, Cutting and Finishing.
A: Step 1: Define Pre-determined Overhead RatePredetermined manufacturing overhead rate is a formula…
Q: I need answer
A: 2). Total equity at the beginningAmount $ Total assets255,000Less:Total Liabilities127,000 Total…
Q: Don't use ai given answer accounting
A:
Q: I need correct answer financial accounting not use ai...
A: Step 1: Define Earnings per ShareThe earnings per share financial ratio is vital to investors for…
Q: Provide correct answer accounting questions
A: Step 1: Define Work in progress inventoryMaterials awaiting assembly and sale are referred to as…
Q: A 12.5℅ discount on a pair of washer sovel question general account
A: Step 1: Define Net PricePrice is the amount of money to purchase a service or goods. Net Price is…
Q: What is the depreciable base of the machine on this accounting question?
A: Step 1: Define Depreciable BaseNumerous costs are incurred to get a depreciable asset ready for use…
Q: Hello tutor please provide this question solution general accounting
A: Step 1: Define Average Collection PeriodThe number of days required by the business to convert its…
Q: Can you please solve these general accounting question without use Ai?
A: Step 1: Define Absorption CostingAbsorption costing is a method used to prepare income statement for…
Q: what is taxable income?
A: Step 1: Identify Adjustments1. Depreciation (Temporary Difference)Depreciation for tax purposes and…
Q: Hello tutor please give me answer accounting
A: Step 1: Define Manufacturing OverheadManufacturing overheads are applied to the cost of goods…
Q: What is the average collection period on these accounting question?
A: Step 1: Define Average Collection PeriodThe number of days it takes a company to convert its…
Q: Wall company incurred $30,000 of fixed solution accounting questions
A: Step 1: Define Cost Per UnitThe cost per unit is an important measure in production since it…
Q: Don't need AI ans
A:
Q: I need the soulation in table in detail please
A: 1a. Adjusted Taxable Profit CalculationNet Profit: RO 8,000 (per statement)Additions to…
Q: Question 2.7 Given the following data: Annual Sales: $5,000,000 Fixed Assets: $750,000 Total Assets:…
A: Explanation of Annual Sales:Annual sales refer to the total revenue generated by a company from…
Q: General accounting question
A: Step 1: Define Sunk Costs and Relevant CostsA sunk cost is a cost that has been incurred on a…
Q: expert solve it. Subject:- general account
A: Gross income from operations$80,000 Add: Dividend received$60,000 Tentative DRD limit ($60,000 *…
Q: Provide correct answer general accounting question not use ai...
A: Explanation: In the given case, we are required to calculate product cost per cupcake using…
Q: Financial Accounting Question please get the answer
A: Step 1: Define Common StockCommon stock is issued by a company that provides the opportunity to…
Q: Cody Company sells three different categories of tools (small, medium, and large). The cost and…
A: To determine the value of Cody Company's inventory under the lower of cost or market approach, we…
Q: ???
A: Explanation of First Hour RateThe first hour rate is the initial charge applied for using the…
Q: Need help with this question solution general accounting
A: Step 1: Define Operating CycleThe operating cycle is also known as the cash cycle which is a part of…
Q: Can you please answer the financial accounting question?
A: Step 1:The maturity date is calculated as follows: May (31-10) days21 daysJune30 daysJuly31…
Q: Financial accounting question
A: Explanation: In the given case, we are required to calculate the average collection period for the…
Q: 2.7
A: A company's assets are classified into fixed assets and current assets and the asset turnover ratio…
Q: What is the purchaser's net cost of the merchandise?
A: Explanation of Discount Terms (2/10, n/30):The term "2/10" means the buyer can take a 2% discount on…
Q: Please provide correct answer accounting question
A: Step 1: Define Price Earnings ratioPrice earnings ratio is given as the Market price divided by the…
Q: Answer provide accounting
A: The book value per share is an important metric to evaluate the value of a company's stock based on…
Q: General Accounting
A: Step 1: Identify the given dataStep 2: Calculate the average accounts receivableStep 3: Apply the…
Q: Use this example to determine the net income or net loss solve this general accounting question not…
A: Step 1: Define Net IncomeNet income is listed on the face of the income statement which also lists…
Q: None
A: Step 1: Calculate the opportunity cost as follows:Opportunity cost = Stock available * open market…
Q: Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of…
A:
Q: account tutor help me
A: To calculate the total value of the company's ending inventory under the lower of cost or market…
Q: General accounting question
A: Step 1:The budgeted indirect cost driver rate based on the machine hours can be calculated by…
Q: solve this account query
A: Step 1: Understand the Components of Absorption CostingThe company already provided an absorption…
Q: Provide answer the following requirements
A: Given Information:Demand distribution: D ∼ N(600, 52), where the mean is 600 and the standard…
Q: Wanna answer
A: Explanation of Cross-Sequential Analysis:Cross-sequential analysis refers to a method of examining…
Q: Can you please solve this financial accounting question?
A: Step 1: Define Profit MarginProfit Margin is classified as a financial ratio that aids in assessing…
Q: General accounting question
A: Step 1: Define Accounts Receivable and Doubtful AccountsAccounts receivable show the amount of money…
Q: Business 123 Introduction to Investment May I please have an expert explore the differences between…
A: Cash AccountsA cash account is a brokerage account wherein all the transactions involved must be…
Q: If you give me wrong answer I will give you unhelpful rate on these general accounting question
A: Step 1: Define Depreciation MethodsA capital expenditure, when written off periodically to the…
Q: Provide correct answer general accounting
A: The Sustainable Growth Rate (SGR) is the maximum rate at which a company can grow its sales,…
answer want
Step by step
Solved in 2 steps
- Sheridan, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $620 and originally retailed for $920. At the statement date, each computer has a net realizable value of $420. What value should Sheridan, Inc., have for the computers at the end of the year? $3360. $7360. $4960. $2480.At the end of Year 1, Herkimer Co. sells two laptops for 1,800 each. Based on the information in RE11-6 in Year 1, prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops.A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following: Merchandise inventory, January 1, 2021 $1,900,000Purchases to date 5,800,000Freight-in 400,000Sales to date 8,200,000 The gross profit ratio has averaged 20% of sales for the past four years.Required:Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
- Beltrack Co. has a normal gross profit of 45%. On the night of October 5, 2020., welders remodeling a section of the warehouse neglected to turn off all of their equipment, and a resulting fire did damage to the warehouse and some of the inventory. The following is made available to you from January 1, 2020 to October 5, 2020: Sales Delivery Expense $3,400 Inventory after fire on Oct 6th $66,500 Inventory on January 1, 2018 $211,500 Purchase Returns $7,200 Purchases $212,400 Sales $330,500 Sales Returns $4,200 Transportation In $4,800 a Required: Prepare a schedule based on the above date to compute the Cost of Goods Available for Sale Give your answer here b Required: What is the historical cost of goods…On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $600,000 Inventory, January 1 100,000 Purchases, January 1 through April 15 500,000 Markup on cost 25% The amount of the inventory loss is estimated to be O a. $120,000. O b. $100,000. O C. $150,000. O d. $60,000. Quitar mi elección ere to search 近In 2022, Sargent Company experienced a major casualty loss. The roof of its warehouse collapsed in an ice storm and destroyed its entire inventory. The company began the year with inventory of $300. It made purchases of $5,640 but returned $80 worth of merchandise. Sales prior to the ice storm were $9,400. Sargent must use the gross profit method to determine inventory on hand on the date of the casualty. The following is an excerpt of its income statement for the last three years. 2019 2020 2021 Net Sales $5,000 $6,000 $9,000 Cost of Goods Sold 2,150 2,340 3,312 General and Administrative Expense 500 600 900 Depreciation Expense 125 200 325 Operating Income $2,225 $2,860 $4,463 Requirement. Assume that Sargent uses the most recent three years of net sales and cost of goods sold to determine its historical gross profit. What are estimated cost of goods sold, estimated gross profit, and estimated ending…
- Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y purchased $97,000 of goods and returned $6,300 due to damage. Y also paid freight charges of $1,200 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $17,400. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year.On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $300,000 Inventory, January 1 50,000 Purchases, January 1 through April 15 250,000 Markup on cost 25% The amount of the inventory loss is estimated to be $Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y purchased $97,000 of goods and returned $6,300 due to damage. Y also paid freight charges of $1,200 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $17,400. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year. Less: Plus: Less: Cost of Goods Sold
- During the year, Deci’s Aquarium Supplies' inventory decreased by $30,000. If the company's cost of goods sold for the year was $600,000, purchases must have been__. A. $570,000 B. $600,000 C. $630,000 D. Unable to determineOn September 30, 2020, a fire at Gray Company’s warehouse caused severe damage to its entire inventory. Based on recent history, Gray has a gross profit of 30% of net sales. A physical inventory disclosed usable damaged goods which Gray estimates can be sold to a jobber for P50,000. The following information is available from Gray's records for the nine months ended September 30, 2020.Inventory, Jan. 1 - P550,000Total purchases recorded, Jan. 1 – Sept. 30 (includes P120,000 of goods still in transit, shipped Sept. 29, FOB shipping point) - P3,120,000Freight in - P60,000Purchase returns - P200,000Purchase discounts - P80,000Total sales delivered and recorded, Jan. 1 – Sept. 30 - P3,900,000Sales returns - P160,000Sales discounts - P40,000Using the gross profit method, how much is the inventory loss?Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were on hand. In addition, Crane Inc. determined that $60,500 of goods that were in transit that were shipped F.0.B. shipping point were actually received two days after the inventory count and that the company had $85,500 of goods out on consignment. What amount should Crane report as inventory at the end of the year? $872,500. $862,500. $787k. $933k.