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

Finance
1.2K views

ASAP please 4. Suppose that a ?rm elected to tighten its trade credit policy from “2/10, net...

Biology
1.2K views

1. Describe the purpose of diffusion experiment. 2. Describe the purpose of osmosis experiment. 3. Describe the...

Physics
1.2K views

Photon Momentum and Radiation Pressure. We have seen that photons carry not only energy but also momentum,...

Biology
1.2K views

1 What is the best definition of the term theory as it is used in...

Basic Math
1.2K views

Order Sandostatin octreotide acetate 40 mcg subcut Q 6h Read the label in the figure...

Basic Math
1.2K views

Jake has started an exercise program. Each day he increases the number of sit-ups that...

Accounting
1.2K views

33) The case against advertising includes the fact that...

Accounting
1.2K views

stella had wsges of 70000 incomebof 15000 rental loses of 26000

Accounting
1.2K views

Question 5 1 pts Citrus Corporation is a calendar year S...

Accounting
1.2K views

The Western Division of Claremont Company had net operating income of $149,000 and average invested...

Accounting
1.2K views

Identify which of the following items are not included as part of general-purpose financial statements...

Finance
1.2K views

Question 3 (Mandatory) (8 points) Listen What is a benefit of using debt financing? Cheaper...