Friendly Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2016. In preparing its insurance claim on the Inventory loss, the company developed the following dа ta: inventory January 1, 2016, $340,000; sales and purchases from January 1, 2016, to May 1, 2016, $1,160,000 and $885,000, respectively. California consistently reports a 30% gross prom. The estimated inventory on May 1. 2016. is:
a. $473,000.
b. $414,400.
c. $378,000.
d. $413,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Friendly Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2016. In preparing its insurance claim on ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Andrew paid $30 to buy a potato cannon, a cylinder that shoots potatoes hundreds of feet. He was willing to pay $45. When Andrew's friend Javier learns that Andrew bought a potato cannon, he asks Andrew if he will sell it for $60, and Andrew agrees.
Answers (1)
31) Last year, ABC and XYZ both had the same level of cost of goods sold, but ABC turned its inventory over 8 times during the year while XYZ turned its inventory over every 55 days.
Answers (1)
To build trust in a cooperative relationship, both firms can: a. write short-term contracts that must be renewed frequently. b. increase their vertical integration. c. use outsourcing of non core activities. d.
Answers (1)
Dan Dayle started a business by issuing an $80,000 face value note to First State Bank on January 1, 2018. The note had an 8 percent annual rate of interest and a five-year term. Payments of $20,037 are to be made each December 31 for five years.
Answers (1)
How much cash did Sciamanna Corporation borrow on January 1, 2019 ? How much cash will Sciamanna Corporation pay back at maturity? Sciamanna borrowed $ on January 1, 2019. The company will pay back $ at maturity. 2.
Answers (1)
New Questions in Business
Taylor Bank lends Guarantee Company $92,811 on January 1. Guarantee Company signs a $92,811, 12%, nine-month note. The entry made by Guarantee Company on January 1 to record the proceeds and issuance of the note is
Answers (1)
Why is it important to know the interest rate on your credit card? a) The higher the interest rate, the more money you will be paying back b) The higher the interest rate, the less money you will be paying back c) The lower the interest rate, the
Answers (2)
It is appropriate to use the fixed assets turnover ratio to appraise firms' effectiveness in managing their fixed assets if and only all the firms being compared have the same proportion of fixed assets to total assets. a) trueb) false
Answers (1)
Which of the following actions differentiates an entrepreneur from other small business owners?
Answers (1)
Mccoo Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The variable overhead rate is $1.50 per direct labor-hour.
Answers (1)