Key West Music Company’s Merchandise Inventory
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Key West Music Company’s Merchandise Inventory
Question #5
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Get Help Now!On December 5, 2019, a hurricane destroyed the merchandise inventory of the Key West Music Company. In a waterproof secure safe were the company’s records with the following information:
Key West Music Company
Trial Balance
September 30, 2019
Debit Credit
Cash . . . . . . . . . . . . . . . $315,325
Accounts Receivable. . . . . .. 36,888
Inventory, December 31, 2018 . . . 129,226
Equipment. . . . . . . . . . . .. 200,775
Accumulated Depreciation . . .. $ 32,670
Accounts Payable to Suppliers. . . 31,908
Other Current Liabilities. . .. 2,000
Common Stock . . . . . . . . …. 60,000
Retained Earnings. . . . . . . . . 41,482
Sales. . . . . . . . . . . . . . . 1,246,624
Sales Returns and Allowances . . . 17,900
Purchases. . . . . . . . . . . .. 546,930
Purchase Returns and Allowances. 3,582
Sales and Administrative Expenses. 50,657
Other General Expenses . . . . . . 120,565 _______
$1,418,266 $1,418,266
Note: The Company’s 12-month fiscal year ends December 31st.
Through correspondence with suppliers, customers, the bank, etc. the following additional information has also been collected:
- Correspondence with suppliers revealed unrecorded obligations at December 5th of $120,734. These unrecorded liabilities pertained to shipments in October totaling $58,365, shipments in November of $50,635, and $10,000 for shipments still in transit on December 5th shipped FOB Destination, and also $1,734 for shipments still in transit FOB Shipping Point.
- Customers of the company have acknowledged indebtedness of $94,950 as of December 5th. Based on no responses from several other customers, the company estimated that customers, who have not responded, owe approximately $12,650.
Finally, based on past experience, it is estimated that 2.25% of accounts receivable will be uncollectible.
- Bank statements and the canceled checks enclosed with the statements for October, November and through December 5th, revealed the following:
October November December
Disbursement Activity
Payments on Accounts Payable
Existing at September 30th $19,650 $12,258 $ —
Payments for October
Inventory Shipments 11,650 21,460 10,695
Payments for November
Inventory Shipments — 25,870 4,732
Payments for December
Inventory Shipments — — 12,635
Deposit Activity
Received on Account
From Customers 18,125 14,330 2,224
Refund from Vendor For
Merchandise Returned on
August 31, 2019 — — 3,950*
*This refund was delayed until December 2, 2019 because the supplier had lost the claim submitted by Key West Music Company.
- The insurance company is proposing a settlement of the company’s claim based on the overall gross profit for the most recent two fiscal years. Scheduled below is information obtained from prior financial statements covering 2018 and 2017:
For the Years Ended
December 31st
2018 2017
Sales $671,108 $709,335
Sales Returns and Allowances 5,761 6,985
Beginning Inventory 57,569 50,345
Purchases 319,968 341,977
Purchase Returns and Allowances 1,235 916
Ending Inventory 129,226 57,569
Required
- Determine the amount of inventory loss from the hurricane.
- Do you feel the insurance company’s approach is fair? Explain in detail with supporting calculations.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). 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