Harrison's Supply Co. suffered a fire loss on April 20, 2013. The company's last physical inventory was taken January 30, 2013, at which time the inventory totaled $220,000. Sales from January 30 to April 20 were $600,000 and purchases during that time were $450,000. Harrison's consistently reports a 30% gross profit. The estimated inventory loss is:a. $490,000. b. $238,000. c. $250,000. d. None of these
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Harrison's Supply Co. suffered a fire loss on April 20, 2013. The company's last physical inventory was taken January 30, 2013, at which ...” 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
The most significant signs of a well-managed company are a. the eagerness with which executives set stretch financial and strategic objectives and develop an ambitious strategic vision. b.
Answers (1)
What is real output equivalent to? A. Nominal GDP B. Real GDP C. Real interest rate
Answers (1)
Which of the following things can you do in order to practice ethical behavior in the workplace? Encourage prejudices and biases. Make decisions based on your personal likes and dislikes. Discourage discrimination and stereotypes.
Answers (1)
The most commonly used measurement of business success are?
Answers (2)
Which of the following would not be a current asset? Certificates of deposit that mature in six months Cash Customer receivables Supplier bills payable in 30 days
Answers (1)
New Questions in Business
A firm realizes that the market price has fallen below its average total costs, and it is now earning a loss. what is the best action for the firm to take in the short run?
Answers (1)
Fixed expenses: a. includes labor, raw materials, and commissions. b. can be estimated by taking into consideration the production. c. are incurred regardless of sales volume. d. must be linked to strategy in the business plan
Answers (1)
4) Which of the following is least likely to be your primary health care provider? a. an allergist b. an internist c. an obstetrician-gynecologist
Answers (1)
T/F A macroeconomist would be concerned with the following statement. "Two major hurricanes caused significant damage to the eastern seaboard and led to a fall in GDP and a rise in unemployment in the U. S. economy."
Answers (1)
At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $14,000. By the end ofthe year, actual bad debts total $15,000. Record the write-off to uncollectible accounts.
Answers (1)