Problem 9-5 Your answer is incorrect. Try again. On April 15, 2015, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from which the trial balance below was prepared. STANISLAW CORPORATION TRIAL BALANCE MARCH 31, 2015 Cash $24,500 Accounts receivable 45,100 Inventory, December 31, 2014 78,600 Land 37,300 Buildings 116,500 Accumulated depreciation $43,000 Equipment 3,770 Accounts payable 26,400 Other accrued expenses 29,080 Common stock 101,590 Retained earnings 60,000 Sales revenue 139,800 Purchases 60,000 Miscellaneous expense 34,100 $399,870 $399,870 The following data and information have been gathered. 1. The fiscal year of the corporation ends on December 31. 2. An examination of the April bank statement and canceled checks revealed that checks written during the period April 115 totaled $18,200: $6,260 paid to accounts payable as of March 31, $3,650 for April merchandise shipments, and $4,640 paid for other expenses. Deposits during the same period amounted to $20,000, which consisted of receipts on account from customers with the exception of a $820 refund from a vendor for merchandise returned in April. 3. Correspondence with suppliers revealed unrecorded obligations at April 15 of $16,200 for April merchandise shipments, including $2,840 for shipments in transit (f.o.b. shipping point) on that date. 4. Customers acknowledged indebtedness of $55,900 at April 15, 2015. It was also estimated that customers owed another $8,340 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $690 will probably be uncollectible. 5. The companies insuring the inventory agreed that the corporations 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 corporations audited financial statements disclosed this information: Year Ended December 31 2014 2013 Net sales $537,400 $382,400 Net purchases 285,000 237,100 Beginning inventory 60,100 72,200 Ending inventory 78,600 60,100 6. Inventory with a cost of $7,920 was salvaged and sold for $4,130. The balance of the inventory was a total loss. Compute the amount of inventory fire loss. (Round ratios for computational purposes to 1 decimal places, e.g 78.5% and final answer to 0 decimal places, e.g. 28,987.) Inventory fire loss $ Don't show me this message again for the assignment Link to Text