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On July 15, 2026, fire damaged the office and warehouse of Skysong Corporation. The only accounting record saved was the general ledger, from which the

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On July 15, 2026, fire damaged the office and warehouse of Skysong Corporation. The only accounting record saved was the general ledger, from which the following trial balance was prepared: he following data and information have been gathered. 1. The fiscal year of the corporation ends on December 31 . 2. An examination of the July bank statement and canceled checks revealed that checks written during the period July 115 totaled $54,600:$54,100 paid to accounts payable as of June 30,$3,100 for July merchandise shipments, and $4,200 paid for other expenses. Deposits during the same period amounted to $82,700, which consisted of receipts on account from customers with the exception of a $1,400 refund from a vendor for merchandise returned in July. 3. Correspondence with suppliers revealed unrecorded obligations at July 15 of $25,900 for July merchandise shipments, including $1,520 for shipments in transit (f.o.b. shipping point) on that date. 4. Customers acknowledged indebtedness of $170,100 at July 15,2026 . It was also estimated that customers owed another $13,200 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $2,100 will probably be uncollectible. 5. The companies insuring the inventory agreed that the corporation's fire-loss claim should be based on the assumption that the overall gross profit rate for the past 2 years was in effect during the current year. The corporation's audited financial statements disclosed this information: 6. Inventory with a cost of $10,800 was salvaged and sold for $2,600. The balance of the inventory was a total loss. Complete the schedule computing the gross proft and the schedule to determine the amount of imentory fire loss. (Round natios for computational purposes to 0 decimal places es 78% and final answer to 0 decimal ploces, eg. 28,987.) July merchandise shipments paid Unrecorded purchases on account Total Less: Shipments in transit Merchandise returned Merchandise available for sale Less estimated cost of sales: Sales, 1/1/266/30/26 Sales, 7/1/26 7/15/26 Receivables acionowiedged at $ 7/15/26 Estimated receivables not acknowledsed Total Add collections, 7/1/26 - 7/15/26 Total Less receivables, 6/30/26 Total sales 1/1/267/15/26 Less gross profit Cost of Goods Sold Estimated merchandise itventory Less: Sale of salvaged inventory Imventary fire loss Computation of Gross Profit Rate Computation of Gross Profit Rate $

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