Answer:
Hodge Company
Calculation of Estimated Loss on Inventory in the
Flood Using Gross Margin (Profit) Method
November 21, 2016
Inventory at November 1, 2016 $96,000
Purchases from November 1, 2016 <u>$131,000</u>
to date of flood
Cost of goods available for sale $227,000
<u>Estimated cost of goods sold:</u>
Net sales from November 1, 2016 $250,000
to date of flood
Less: Estimated gross margin <u>$75,000</u> <u>$175,000</u>
(250,000 * 30%)
Estimated cost of inventory at date of flood $52,000
Less: Salvage goods <u>$9,200</u>
Estimated loss on inventory in the flood <u>$42,800</u>
The proper
tools constitute the HOW of service; the proper motive constitutes the WHY of
service; proper teachings and practices constitute the WHAT of service. The
How, Why and What of service are very significant questions to be able to
assess the different aspects of service.
Answer:
To insure bank deposits.
Explanation:
After the great depression the FDIC was created to insurance bank deposits and to give stability and security to the financial system
Answer:
THERE IS A DIFFERENCE
Explanation:
Profit refers to the amount realized by the company after deducting expenses from total amount of revenue earned during accounting. Income however is amount left earning in organization after deducting money.