Please do not give solution in image format thanku Problem 8-10Bramble Corp. lost most of its inventory in a fire in December, just before the year-end physical inventory was taken. The corporation's books disclosed the following:Beginning inventory $390,000 SalesPurchases for the year 820,000 Sales returnsPurchase returns78,000Gross margin on salesMerchandise with a selling price of $45,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $26,000 had a net realizable value of $8,600.Loss of inventory due to fire sCalculate the amount lost because of the fire, assuming that the corporation had no insurance coverage. (Round answer to 0 decimal places, e.g. 5,275.)YPrepare the journal entry to record the loss and account for the damaged inventory in a separate Damaged Inventory account. In the same entry, record cost of goods sold for the year ended December 31.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for theamounts.)Account Titles and ExplanationYTYT$1,266,20049,000Debit38%Credit

The ending inventory is the purchased goods which remain unsold at the period end. If the inventory…

Problem 8-10 Bramble Corp. lost most of its inventory in a fire in December, just before the year-end physical inventory was taken. The corporation's books disclosed the following: Beginning inventory $390,000 Sales Purchases for the year 820,000 Sales returns Purchase returns 78,000 Gross margin on sales Merchandise with a selling price of $45,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $26,000 had a net realizable value of $8,600. Loss of inventory due to fire $ Calculate the amount lost because of the fire, assuming that the corporation had no insurance coverage. (Round answer to 0 decimal places, e.g. 5,275.) Y Prepare the journal entry to record the loss and account for the damaged inventory in a separate Damaged Inventory account. In the same entry, record cost of goods sold for the year ended December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation T $1,266,200 49,000 Y 38% Debit Credit

Problem 8-10 Bramble Corp. lost most of its inventory in a fire in December, just before the year-end physical inventory was taken. The corporation's books disclosed the following: Beginning inventory $390,000 Sales Purchases for the year 820,000 Sales returns Purchase returns 78,000 Gross margin on sales Merchandise with a selling price of $45,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $26,000 had a net realizable value of $8,600. Loss of inventory due to fire $ Calculate the amount lost because of the fire, assuming that the corporation had no insurance coverage. (Round answer to 0 decimal places, e.g. 5,275.) Y Prepare the journal entry to record the loss and account for the damaged inventory in a separate Damaged Inventory account. In the same entry, record cost of goods sold for the year ended December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation T $1,266,200 49,000 Y 38% Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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