A firm experiences a flood loss in the current year that des…

A firm experiences a flood loss in the current year that destroys all but $6,000 of inventory (at cost). Given the following data:                                                   Prior Year                   Current (to date of flood) Sales                                        $100,000                                 $40,000 Purchases                                $70,000                                   $35,000 Cost of Goods Sold                 $60,000 Ending Inventory                    $10,000   What is the approximate inventory lost?

In 2019, Fun Company reports $10,000,000 of Net Income in th…

In 2019, Fun Company reports $10,000,000 of Net Income in the current year, after taking out 40% for taxes. They began the year with 1,000,000 shares of common stock.  On 7/1/2019 they issue an additional 500,000 shares and on 9/1/2019 they repurchase 300,000 shares.  Fun Company has 100,000 shares of $100 par, 10% cumulative preferred stock and while they pay no cash dividends in the current year they did pay a 50% stock dividend on 8/1/2019 to their common shareholders. What is the income available to common shareholders in 2019?

ABC, Inc. reports $193,000 in net A/R (A/R less allowance fo…

ABC, Inc. reports $193,000 in net A/R (A/R less allowance for doubtful accounts) as of 12/31/2023 before making any adjusting entries for 2023. They prepare the following aging schedule related to their A/R based on past experience:                                                                 Amount           % uncollectible Current (due in 30 days or less)          $120,000                 1% 30-60 days delinquent                        $50,000                   5% 60-90 days delinquent                        $20,000                  20% More than 90 days delinquent            $10,000                  50% What is the current (pre-adjusted) balance in the allowance for doubtful accounts?

ABC, Inc. has the following three inventory items (items A,…

ABC, Inc. has the following three inventory items (items A, B, and C) that they are concerned may be overstated. They currently report each item at cost on the balance sheet.   Item   Cost                 Replacement Cost                   NRV              Normal profit of NRV A        $400,000         $380,000                                 $400,000                       10% B        $475,000         $470,000                                 $600,000                       25% C        $500,000         $460,000                                 $700,000                       20% What is the “designated market value” for each inventory item?

ABC, Inc. has the following three inventory items (items A,…

ABC, Inc. has the following three inventory items (items A, B, and C) that they are concerned may be overstated. They currently report each item at cost on the balance sheet.   Item   Cost                 Replacement Cost                   NRV              Normal profit of NRV A        $400,000         $380,000                                 $400,000                       10% B        $475,000         $470,000                                 $600,000                       25% C        $500,000         $460,000                                 $700,000                       20% After applying the LCM rules for each item, what will they report as total inventory on their balance sheet (please sum the three values that you come up with for A, B, and, C)?