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

Above solution is based on below :Beginning Inventory xx Add: Purchases xx Total Goods Available for…

Answered: Joe's Grocery Store, a calendar year…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $2,377,100, and sales were $3,565,650. The amount of merchandise on hand was $664,000, and total assets amounted to $3,671,900. What is the average number of days to sell inventory? Note: Do not round your intermediate calculations. Use 365 days in a year. Round to the nearest day. Multiple Choice O O O O 68 days 204 days 66 days 102 days
NYFG, Inc.I has sales including sales taxes for the month of $742,000. If the sales tax rate is 6%, how much does NYFG owe for sales tax? Select one: O a. $48,000 O b. $42,000 c. $38,260 d. $45,420 e. $44,520
Rincoe Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $390,527. If the sales tax rate is 5%, what amount must be remitted to the state for October's sales taxes? Round your answer to 2 decimal places.
Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 6 percent. Vail Book Mart engaged in the following transactions for Year 1. Sales tax of 6 percent is collected on all sales. Book sales, not including sales tax, for Year 1 amounted to $279,000 cash. Cash sales of miscellaneous items in Year 1 were $151,000, not including tax. Cost of gods sold was $211,000 for the year. Paid $130,000 in operating expenses for the year. Paid the sales tax collected to the state agency. Required What is the total amount of sales tax Vail Book Mart collected and paid for the year? Prepare the journal entries for the preceding transactions. What is Vail Book Mart's net income for the year?
Traylor Corporation began the year with three items in beginning inventory, each costing $5. During the year Traylor purchased five more items at a cost of $6 each and then two more items at a cost of $7 each. Traylor sold eight items for $10 each. If Traylor uses a periodic LIFO system, what would be Traylor’s gross profit for this year? 45 $45 $80 $80 $51 $51 $36
3. Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the amount (in $) of the excise tax for this transaction. $
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…
During Year 1, the inventory of Debra's Gift Shop decreased by $32,000. If the income statement for Year 1 reported cost of goods sold of $269,000, purchases during the year must have amounted to: Multiple Choice $301.000 $269,000 $150.500. $237,000. 35
GAS" Company does not segregate sales and sales taxes at the time of sale. The sales register total for the month of March was $25000. Assume that all sales are subject to a 13% sales tax. Required: Based on the above-given information, answer the following questions: • What amount must be presented as a sales tax expense on the Income statement for the month of March? • What is the amount that must be presented as sales revenue on the income statement for the month of March? If the "GAS" Company did not pay the income tax payable as of 31/3, then the company must present sales tax payable with a value of:
2 Nunez Company, a retail hardware store, began business in August and elected a calendar year for tax purposes. From August through December, Nunez paid $319,000 for inventory to stock the store. According to a physical inventory count on December 31, Nunez had $64,600 of inventory on hand. Required: a. Compute Nunez's cost of goods sold for its first year assuming Nunez adopted the cash method as its overall method of accounting. b. Compute Nunez's cost of goods sold for its first year assuming Nunez adopted the accrual method as its overall method of accounting. Complete this question by entering your answers in the tabs below. Required A Required B Compute Nunez's cost of goods sold for its first year assuming Nunez adopted the cash method as its overall method of accounting. Cost of goods sold

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