1. Singleton Co. has the following items:

BB, INV ($460K), Purchases ($970K), Sales ($1.32M), gross profit as a percentage of sales (20%).

Assuming Singletons entire INV is destroyed, what is the estimated amount of INV destroyed?

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2. Singleton Co. has the following items:

BB, INV ($460K), Purchases ($970K), Sales ($1.32M), gross profit as a percentage of cost (20%).

Assuming Singletons entire INV is destroyed, what is the estimated amount of INV destroyed?

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3. Singleton Co. has the following items:

BB, INV ($700K), Purchases ($2M), Sales ($2.97M), gross profit as a percentage of sales (35%).

Assuming Singletons entire INV is destroyed, what is the estimated amount of INV destroyed?

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4. Singleton Co. has the following items:

BB, INV ($700K), Purchases ($2M), Sales ($2.97M), gross profit as a percentage of cost (35%).

Assuming Singletons entire INV is destroyed, what is the estimated amount of INV destroyed?

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5. For #4, what is the dollar amount of gross profit?

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6. For #4, what is gross profit as a percentage of sales (to the nearest whole percent)?

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7. Singleton paid cash expenses of $800K. Prepaid expenses decreased by $80K, and accrued expenses increased by $65K.

What is Singletons reported expenses on its accrual-based income statement?

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8. Singleton wrote-off an A/R for $15,000.

Assuming the allowance method, which account is debited for this journal entry?

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9. For #8, if the written-off customer later pays, which account is debited in the first journal entry?

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10. For #9, which account is debited for the 2nd journal entry?