Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 9-17 you are called by tim duncan of sand

Exercise 9-17 You are called by Tim Duncan of Sandhill Co. on July 16 and...

60.1K

Verified Solution

Question

Accounting

Exercise 9-17 You are called by Tim Duncan of Sandhill Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available

Inventory, July 1 $ 37,100
Purchasesgoods placed in stock July 115 82,500
Sales revenuegoods delivered to customers (gross) 111,000
Sales returnsgoods returned to stock

4,400

Your client reports that the goods on hand on July 16 cost $29,000, but you determine that this figure includes goods of $6,600 received on a consignment basis. Your past records show that sales are made at approximately 40% over cost. Duncans insurance covers only goods owned.

Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.73% and final answer to 0 decimal places, e.g. 28,987.)

Claim against the insurance company

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Hero Manufacturing has 7.6 million shares of common stock outstanding. The current share price is $86...

Finance
Q

We assume that our wages will increase as we gain experience and become more valuable to...

Basic Math
Q

What is osmoregulation and why don't plants need sodium-potassium pump to regulate cell osmolarity?

Biology
Q

In the table below, there are test scores from a dozen students. The test was worth...

Accounting
Q

Listen Which of the following processes is driven by chemiosmosis ATP hydrolysis reduction of NAD...

Biology
Q

What values of u and v make AWXY AQRP X Y U 5u 3 16v...

Calculus
Q

Use the graph of y f x assuming f x 0 if x b ord...

Calculus
Q

9 Write an exponential equation for the graph shown below f x 21 18 15...

Algebra
Q

Determine the surface area of the portion of the sphere of radius 4 that is...

Algebra
Q

4 points) Jardon Painting paints the interiors and exteriors of homes and commercial buildings. The...

Accounting
Q

Goldfarb's Book and Music Store has two service departments, Warehouse and Data Center. ...

Accounting
Q

Kay's Beauty Supply uses the gross profit method to estimate the cost of ending inventory...

Accounting