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  • On August 15 2015 A Hurricane Damaged A Warehouse of

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    Muhammad Shahid
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    A hurricane damaged Rheinhart Merchandise Company's warehouse on August 15, 2015, destroying the entire inventory and many accounting records. Although the inventory was not insured, some could be sold for scrap. Using the remaining records, the summary provides data on inventory, purchases, sales, accounts receivable, and salvage value to compute the inventory loss from the hurricane.

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    On August 15 2015 a Hurricane Damaged a Warehouse Of

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    A hurricane damaged Rheinhart Merchandise Company's warehouse on August 15, 2015, destroying the entire inventory and many accounting records. Although the inventory was not insured, some could be sold for scrap. Using the remaining records, the summary provides data on inventory, purchases, sales, accounts receivable, and salvage value to compute the inventory loss from the hurricane.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    39 views1 page

    On August 15 2015 A Hurricane Damaged A Warehouse of

    Uploaded by

    Muhammad Shahid
    A hurricane damaged Rheinhart Merchandise Company's warehouse on August 15, 2015, destroying the entire inventory and many accounting records. Although the inventory was not insured, some could be sold for scrap. Using the remaining records, the summary provides data on inventory, purchases, sales, accounts receivable, and salvage value to compute the inventory loss from the hurricane.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    On August 15 2015 a hurricane damaged a warehouse of

    #6438
    On August 15, 2015, a hurricane damaged a warehouse of Rheinhart Merchandise Company.
    The entire inventory and many accounting records stored in the warehouse were completely
    destroyed. Although the inventory was not insured, a portion could be sold for scrap. Through
    the use of the remaining records, the following data are assembled:Inventory, January 1 . . . . . .
    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 375,000Purchases, January 1-August
    15 . . . . . . . . . . . . . .... . . . . . . . . . . . . . . . . . . . . . . . . 1,385,000Cash sales, January 1-August
    15 . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . 225,000Collection of accounts receivable,
    January 1-August 15 .. . . . . . . . . . . . . . . . . . . . 2,115,000Accounts receivable, January 1 . . . . .
    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000Accounts receivable, August 15 . . . . . . .
    . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 265,000Salvage value of inventory . . . . . . . . . . . . . .
    . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . 5,000Gross profit percentage on sales . . . . . . . . . . . .
    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32%Compute the inventory loss as a result of the
    hurricane.View Solution:
    On August 15 2015 a hurricane damaged a warehouse of

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