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Anna11 [10]
3 years ago
5

On September 1 of the current year, Scots Company experienced a flood that destroyed the company's entire inventory. Because the

company had not completed its month end reporting for August, it must estimate the amount of inventory lost using the gross profit method. At the beginning of August, the company reported beginning inventory of $215,950. Inventory purchased during August was $192,730. Net sales for the month of August were $543,500. Assuming the company's typical gross profit ratio is 40%.
Required:
Estimate the amount of inventory destroyed in the flood.
Business
1 answer:
dangina [55]3 years ago
4 0

Answer:

$82,580

Explanation:

We can calculate the estimated amount of inventory destroyed in the flood by deducting the cost of goods sold by the cost of goods available for sale.

DATA

Beginning Inventory  = $215,950  

Inventory purchased  = $192,730

 Sales = $543,500

Calculation

Inventory destroyed  Iestimated) =    Cost of Goods available for sale - Cost of Goods Sold

Inventory destroyed  Iestimated) =  $408,680  - $326,100

Inventory destroyed  Iestimated) = $82,580

Working

Cost of Goods available for sale  = Beginning Inventory + Inventory purchased

Cost of Goods available for sale = $215,950   + $192,730

  Cost of Goods available for sale = $408,680

Cost of Goods Sold  = Sales  - Gross Profits

Cost of Goods Sold = $543,500  - ($543400 x 40%)

Cost of Goods Sold = $ 326,100

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4 0
3 years ago
Every worker sees a social security (fica) tax taken out of his or her paycheck. the nominal tax rate on workers is 7.65 percent
denpristay [2]
Part A:

Because, there is a ceiling on the amount of earnings that is taxable. Any earning below the ceiling will be taxed at 7.65% of the earning while any earning above the eiling will be taxed at 7.65% of the ceiling.

Given that the ceiling on the amount that is taxable is $117,000. If a worker earns $40,000, then the worker's FICA tax will be 7.65% of $40,000 = 0.0765 x $40,000 = $3,060

Therefore, the percentage of income that is paid in social security taxes by a worker in 2014 earning $40,000 is 7.65%



Part B:

Because, there is a ceiling on the amount of earnings that is taxable. Any earning below the ceiling will be taxed at 7.65% of the earning while any earning above the eiling will be taxed at 7.65% of the ceiling.

Given that the ceiling on the amount that is taxable is $117,000. If a worker earns $80,000, then the worker's FICA tax will be 7.65% of $80,000 = 0.0765 x $80,000 = $6,120

Therefore, the <span>percentage of income that is paid in social security taxes by a worker in 2014 earning</span> $80,000 is 7.65%


Part C:

Because, there is a ceiling on the amount of earnings that is taxable. Any earning below the ceiling will be taxed at 7.65% of the earning while any earning above the eiling will be taxed at 7.65% of the ceiling.

Given that the ceiling on the amount that is taxable is $117,000. If a worker earns $200,000, then the worker's FICA tax will be 7.65% of $117,000 = 0.0765 x $117,000 = $8,950.50

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Answer:

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3 years ago
Swift also proposed these five real solutions: taxing absentee landlords reducing the attitude of wastefulness reducing the desi
fiasKO [112]

Answer:

It can be arranged in the order below;

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1. Taxing absentee landlords.

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During Swift's time of writing England had taken over much of Ireland and unfair rule was imposed on the Irish.

4 0
3 years ago
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