G The inventory was destroyed by fire on December 31. The following data were obtained from the accounting records: Jan. 1 Inventory $350,000 Jan. 1 - Dec. 31 Purchases (net) 2,950,000 Sales 4,440,000 Estimated gross profit rate 35% a. Estimate the cost of the inventory destroyed. Estimated Cost of Merchandise Destroyed $ $ $ $ b. Which method is used to estimate inventory cost in case of inventory destroyed by fire?

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks

Uknow what i love about i ask a dumb question it is immediately answered but when i ask a real question it take like an hour to get answered

Winston churchill's stamp collection was valued at $14 million when he died. at auction, it brought in only $4 million. what was it worth? why?