A fire destroyed 28 of a company's storage units which included stock. If each unit was worth £1,250, and insurance only covers 80%, what is loss incurred by the company?
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A fire destroyed 28 of a company's storage units which included stock. If each unit was worth £1,250, and insurance only covers 80%, what is loss incurred by the company?
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- Mushroom Inc. had an explosion in its plan that destroyed most of its inventory. Its records show that beginning inventory was $40,000. Mushroom 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 Mushroom for 70% of its loss. What amount should Mushroom reports as loss from the explosion on its financials? $50,000 $35,000 $18,000 $15,000Swifty Company's delivery truck, which originally cost $83100, was destroyed by fire. At the time of the fire, the balance of the Accumulated Depreciation account amounted to $57200. The company received $47300 reimbursement from its insurance company. The gain or loss as a result of the fire was $21400 gain. $35800 loss. $35800 gain. $21400 loss.4. Sports Haven has an assessed value of $200,000 and an inventory valued at $65,000. The store is insured for $175,000 and the inventory is insured for $45,000. Both the store and the inventory have 80% coinsurance clauses. Water damage causes a loss of $72,000 on the building and destroys 50% of the inventory. Find the amount of loss paid by the insurance company. Amount of loss
- The Mann Company does not carry insurance on its office machines. On December 27, 20x2, machine A was totally destroyed by fire. The book value of machine A, depreciated to the date of the fire, was $62,000. Disposal costs were $3,000. On December 30, 20x2, machine B which can only be operated with machine A's support, depreciated to the date of explosion, was $74,000. Disposal costs were $4,000. What is the total amount of losses that should be charged to income in 20x2? a. $ 62,000 b. $ 65,000 c. $136,000 d. $143,000Bravo Company's furnace, which has a current book value of $40,000 (original cost less than accumulated depreciation), has been destroyed. If the insurance company pays Bravo $45,000, which of the following transactions is Bravo supposed to record? Select the single best answer: A debit Cash $45,000 credit Equipment/Furnace $45,000 B. debit Cash $40,000, debit Equipment/Furnace $40,000 C credit Gain on Disposition of Equipment/Furnace $45,000, debit Cash $45,000 D. debit Equipment/Furnace $5,000 credit Equipment/Furnace $40.000, debit Cash $45,000 E credit Gain on Disposition of Equipment/Furnace $5,000 credit Equipment/Furnace $40,000; debit Cash $45.000On December 31, 2021, a machine owned by SLP COMPANY was destroyed by a fire. SLP COMPANY incurred removal and clean-up costs of P40,000. The machine had a book value of P450,000 and a fair value of P510,000 at the time of the fire. The machine was insured “new to old” and was replaced by the insurance company with a new one currently selling at P560,000. The loss due to fire to be reported in the 2021 income statement is
- A company has inventory of $550,000 in a warehouse that is completely destroyed by fire. There is no insurance to cover this loss. The cost to replace the inventory is $500,000. What inventory cost should the manger use to estimate economic profit? a.-550000 b.500000 c.550000 d.50000 e.-50000ABC Corporation is a manufacturer of small appliances. That is its only line of business. ABC Corporation had two factories. A fire destroys one of the factories. The factory destroyed by the fire accounted for 20% of ABC Corporation's gross revenue, 25% of ABC Corporation's employees and the factory's net fair market value was 20% of ABC Corporation's total net fair market value. ABC Corporation received insurance proceeds of $1,000,000. Rather than rebuilding the plant, ABC Corporation discharges its employees and distributes the $1,000,000 to Adams, its sole shareholder. (a) Will the redemption qualify for sale or exchange treatment under § 302(a)? (b) What would your answer to part (a) be if ABC Corporation had merely sold the factory rather than it having been destroyed by a fire?A company had a tractor destroyed by fire. The tractor originally cost $145,000 with accumulated depreciation of $78,000. The proceeds from the insurance company were $40,000. The company should recognize:
- Norse Company acquired a new machine on January 15 20X1. It sold the machine October 15 20X2 incurring a $10,000 loss. What is the nature of the loss? (a.) Capital Loss (b.) Ordinary Loss (c.) Inventory Loss (e.) Section 1231 LossA company had a bulldozer destroyed by fire. The bulldozer originally cost $125,000. The accumulated depreciation on it was $60,000. The proceeds from the insurance company were $90,000. The company shou recognize: O A loss of $25,000 O A gain of $25,000 O A loss of $65,000 O A gain of $65,000 O A gain of $90,000A company had a building destroyed by fire. The building originally cost $650,000 and its accumulated depreciation as of the date of the fire was $300,000. The company received $400,000 cash from an insurance policy that covered the building and will use that money to help rebuild. Prepare the single journal entry to record the destruction of the building and the receipt of cash from the insurance company.
