Do fast answer of this accounting questions Mary's Bookstore, a calendar year taxpayer, had ending inventory of$90,000 on December 31st of the tax year. During the year, the storepurchased additional inventory of $320,000. If cost of goods sold forthe year was $350,000, what was the beginning inventory?A. $120,000B. $140,000C. $260,000D. $380,000

Step 1: Definition of Beginning InventoryThe formula to calculate Cost of Goods Sold (COGS)…

Answered: Mary's Bookstore, a calendar year…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 5MCQ

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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.
I need answer of this question general finance
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
Provide this question solution general accounting
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…
Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31, 2023. During the year 2023, the corporation purchased additional inventory of $375,000. If cost of goods sold for 2023 is $470,000, what was the beginning inventory on January 1, 2023?
Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases inventory for $150,000 and ends the year with $20,000 of inventory. Baker will report cost of goods sold equal to: a. $150,000 b. $158,000 c. $142,000 d. $170,000
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
During the fiscal year 20x4, the initial inventory of the goods of company A is 15.000 €, purchases of goods for the fiscal year 25.000,00 € and the final stock of goods 10.000,00 €. The revenue from the sales of goods is 75.000,00 €, the operating expenses 30.000,00 € and the tax rate is 40%. An employee of the accounting department registered as the final stock of goods the amount of 12.000 €. What is the effect on the cost of sales during the use of 20X4?
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
Minor, Inc., had revenue of $572,000 and expenses (other than income taxes) of $282,000 for thecurrent year. The company is subject to a 35 percent income tax rate. In addition, available-for-saleinvestments, which were purchased for $17,500 early in the year, had a market value at the end ofthe year of $19,200.a. Determine the amount of Minor’s net income for the year.b. Determine the amount of Minor’s comprehensive income for the year.c. How would your answers to parts a and b differ if the market value of Minor’s investments atthe end of the year had been $14,200?
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.

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