Joe's Grocery Store, a calendar year taxpayer, had ending inventory of $160,000 on December 31st of the tax year. During the year, the store purchased additional inventory of $415,000. If cost of goods sold for the year was $470,000, what was the beginning inventory? A. $55,000. B. $215,000. C. $255,000. D. $310,000.

Joe's Grocery Store, a calendar year taxpayer, had ending inventory of $160,000 on December 31st of the tax year. During the year, the store purchased additional inventory of $415,000. If cost of goods sold for the year was $470,000, what was the beginning inventory? A. $55,000. B. $215,000. C. $255,000. D. $310,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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Joe's Grocery Store, a calendar year taxpayer, had ending inventory of $160,000 on December 31st of the tax year. During the year, the store purchased additional inventory of $415, 000. If cost of goods sold for the year was $470,000, what was the beginning inventory? A. $55,000. B. $215,000. C. $255,000. D. $310,000.
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1. Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31, 20X2. During the year 20X2, the corporation purchased additional inventory of $375,000. If cost of goods sold for 20X2 is $470,000, what was the beginning inventory at January 1, 20X2? a.$255,000 b.$245,000 c.$55,000 d.$310,000 e.None of these choices are correct. 2. Martin has a home office for his business as an agent for rock-and-roll bands. The business shows a loss of $2,000 before home office expenses. How should the home office expenses be treated? a. Because of the business loss, home office expenses (other than mortgage interest and property taxes allocated to the office) cannot be deducted in the current year but can be carried forward to the next year. b. Because of the business loss, home office expenses cannot be deducted and are lost forever. c. The home office expenses increase the business loss in the year they are incurred and are 50 percent deductible in that…
Bagley Inc. had after-tax cash flows related to the purchase of inventory of $7,000 for September. What is the pre-tax cash flow relating to inventory purchases for the month, assuming a tax rate of 20%? Select one: O a. $10,000 O b. $4,900 c. $8,750 d. None of the above
1. 2. 3. 4. 5. 6. 7. search Swifty's cash register showed the following totals at the end of the day on March 17: pre-tax sales $56,000, GST $2,800, and PST $3,920. Swifty remitted $49,000 of sales taxes owing from March to the government on April 30. Swifty received its property tax bill for the calendar year for $55,200 on March 31, payable May 31. Swifty recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. Swifty paid its employees for the week of August 15 on August 20. The gross pay was $83,000. The company deducted $4,128 for CPP, $1,312 for El, $6,400 for pension, and $16,020 for income tax from the employees' pay. Swifty recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,128 and $1,837, respectively. On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid. On December 31, Swifty's legal counsel believes that the…
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At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company purchases an additional $12,000 of inventory. An inventory count at the end of the year reveals remaining inventory of $4,000. What amount will Bennett report for cost of goods sold? a. $11,000.b. $11,500.c. $12,000.d. $12,500.
At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the company purchases additional inventory for $23,000. At the end of the year, the cost of inventory remaining is $10,000. Calculate cost of goods sold for for the year.
A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.
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