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Page 125 of 401

First

25 75 105 115 120 121 122 123 124 125 126 127 128 129 130 135 145 175 225 325

Last

01-22-2013 , 12:18 AM

#3101

allinontheturn

'Merican Dullard

Join Date: Nov 2008 Posts: 22,649

Quote:

Originally Posted by Abe008

Slept 3pm-3am

Now stay up until 11 and you're good to go.

Last edited by allinontheturn; 01-22-2013 at 12:20 AM. Reason: top

01-22-2013 , 12:20 AM

#3102

-Insert Witty SN-

Carpal \'Tunnel

Join Date: Mar 2009 Posts: 17,921

more like the forest ham of Goodwill hunting

01-22-2013 , 12:24 AM

#3103

JustJ46671

Low Content

Join Date: Aug 2009 Posts: 11,951

Quote:

Originally Posted by biceps

5:10am
I cant sleep
Fml

$20 bag of port authority powder, get some nappy on.

01-22-2013 , 12:31 AM

#3104

Low Key

Carpal \'Tunnel

Join Date: Jan 2007 Posts: 33,327

What is this powder of which you speak?

01-22-2013 , 12:32 AM

#3105

pelicanpoker

World's Best Dad

Join Date: Oct 2008 Posts: 21,377

more like the nham of should Will fasting

01-22-2013 , 12:33 AM

#3106

pelicanpoker

World's Best Dad

Join Date: Oct 2008 Posts: 21,377

gimme more CPA quizzes

my thirst for knowledge must be quenched

01-22-2013 , 12:38 AM

#3107

AlligatorBloodFTW

banned

Join Date: Feb 2010 Posts: 6,425

first you must see the cost of everything and the value of nothing.

01-22-2013 , 12:39 AM

#3108

AlligatorBloodFTW

banned

Join Date: Feb 2010 Posts: 6,425

The retail inventory method includes which of the following in the calculation of both cost and retail amounts of goods available for sale?

A. Purchase returns
B. Sales returns
C. Net markups
D. Freight in

01-22-2013 , 12:41 AM

#3109

gregorio

Carpal \'Tunnel

Join Date: Jan 2007 Posts: 39,361

AB, you should start an AMA about studying for an accounting exam

01-22-2013 , 12:42 AM

#3110

Abe008

I ARE just biebwr
but not a mod

Join Date: Jun 2009 Posts: 12,139

Yes do that.

01-22-2013 , 12:44 AM

#3111

pelicanpoker

World's Best Dad

Join Date: Oct 2008 Posts: 21,377

01-22-2013 , 12:45 AM

#3112

nham

34oz

Join Date: Sep 2008 Posts: 10,649

im hungry

01-22-2013 , 12:45 AM

#3113

pelicanpoker

World's Best Dad

Join Date: Oct 2008 Posts: 21,377

I was kinda hoping for something a bit more mathematical. words hurt my head.

01-22-2013 , 12:46 AM

#3114

LeonardoDicaprio

Join Date: Jun 2011 Posts: 39,918

Quote:

Originally Posted by pelicanpoker

Jfc with the ?, commit pansy

01-22-2013 , 12:46 AM

#3115

AlligatorBloodFTW

banned

Join Date: Feb 2010 Posts: 6,425

it was A

01-22-2013 , 12:50 AM

#3116

AlligatorBloodFTW

banned

Join Date: Feb 2010 Posts: 6,425

Fireworks, Inc. had an explosion in its plant that destroyed most of its inventory. Its records show that beginning inventory was $40,000. Fireworks made purchases of $480,000 and sales of $620,000 during the year. Its normal gross profit percentage is 25%. It can sell some of its damaged inventory for $5,000. The insurance company will reimburse Fireworks for 70% of its loss. What amount should Fireworks report as loss from the explosion?

A. $50,000
B. $35,000
C. $18,000
D. $15,000

01-22-2013 , 12:52 AM

#3117

AlligatorBloodFTW

banned

Join Date: Feb 2010 Posts: 6,425

is drinking straight triple-sec...GAY!?!?

01-22-2013 , 12:53 AM

#3118

pelicanpoker

World's Best Dad

Join Date: Oct 2008 Posts: 21,377

A is the same as C so no big deal

Quote:

Originally Posted by LeonardoDicaprio

Jfc with the ?, commit pansy

sorry coach

01-22-2013 , 12:55 AM

#3119

pelicanpoker

World's Best Dad

Join Date: Oct 2008 Posts: 21,377

A. $50,000

01-22-2013 , 12:56 AM

#3120

AngryPanda

live 42 day

Join Date: Mar 2007 Posts: 5,029

the comment section of the blaze makes me ricochet

Last edited by AngryPanda; 01-22-2013 at 12:59 AM. Reason: I suppose it was unreasonable for the swype dictionary to have roflcopter

01-22-2013 , 12:59 AM

#3121

AngryPanda

live 42 day

Join Date: Mar 2007 Posts: 5,029

has anyone seen gizmo recently

01-22-2013 , 01:00 AM

#3122

AlligatorBloodFTW

banned

Join Date: Feb 2010 Posts: 6,425

Quote:

Originally Posted by pelicanpoker

A. $50,000

It's D.

Cost of goods sold = 620,000*.75 = 465,000.

Ending inventory = Beg inv + purchases - COGS = 40000+480000-465000=55000

Loss = ending inventory - salvage value of damaged inventory = 55000-5000 = 50000

Insurance company reimburses for 70% so only 30% is loss = 50000*.30 = 15000