Underwater, inc. had a flood in its plant that destroyed most of its inventory. its records show that beginning inventory was $20,000. underwater made purchases of $250,000 and sales of $300,000 during the year. its normal gross profit percentage is 35%. it can sell some of its damaged inventory for $7,500. the insurance company will reimburse underwater for 75% of its loss. what amount should underwater report as loss from the flood?
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Business, 22.06.2019 19:30
Consider the following two projects. both have costs of $5,000 in year 1. project 1 provides benefits of $2,000 in each of the first four years only. the second provides benefits of $2,000 for each of years 6 to 10 only. compute the net benefits using a discount rate of 6 percent. repeat using a discount rate of 12 percent. what can you conclude from this exercise?
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Business, 22.06.2019 19:40
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Business, 22.06.2019 22:50
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Business, 23.06.2019 01:00
Gideon company uses the allowance method of accounting for uncollectible accounts. on may 3, the gideon company wrote off the $2,000 uncollectible account of its customer, a. hopkins. on july 10, gideon received a check for the full amount of $2,000 from hopkins. on july 10, the entry or entries gideon makes to record the recovery of the bad debt is
Answers: 1
Underwater, inc. had a flood in its plant that destroyed most of its inventory. its records show tha...
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