Mary's Bookstore, a calendar year taxpayer, had ending inventory of $90,000 on December 31st of the tax year. During the year, the store purchased additional inventory of $320,000. If cost of goods sold for the year was $350,000, what was the beginning inventory? A. $120,000 B. $140,000 C. $260,000 D. $380,000

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

At 1 December 20X5, Laurel owes the sales tax authorities $23,778. During the month of December, she recorded the following transactions: Sales of $800,000 exclusive of 17.5% sales tax. Purchases of $590,790 inclusive of sales tax. What is the balance on Laurel's sales tax account at the end of December? $

all I need is D

A VAT taxpayer had the following sales and purchases during the month:Sales, inclusive of VAT Php 336,000Purchases, exclusive of VAT 250,000Compute the gross income under each of the following independent cases:7. The sale is made to regular customers.8. The sale is made by a registrable person.

A VAT taxpayer had the following sales and purchases during the month:Sales, inclusive of VAT Php 336,000Purchases, exclusive of VAT 250,000Compute the gross income under each of the following independent cases:5. The sale is VAT-exempt.6. The sale is made to the government.

In the quarter ended 31 March 20X2, Chas had taxable sales, net of sales tax, of $90,000 and taxable purchases, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable В $2,000 receivable C $1,800 payable D $2,000 payable

Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31.   Jan. 8   Purchased merchandise for resale on account. The invoice amount was $14,780; assume a perpetual inventory system.   17   Paid January 8 invoice. Apr. 1   Borrowed $54,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. June 3   Purchased merchandise for resale on account. The invoice amount was $17,420. July 5   Paid June 3 invoice. Aug. 1   Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $6,000. Dec. 20   Received a $180 deposit from a customer as a guarantee to return a trailer borrowed for 30 days.   31   Determined wages of $9,200 were earned but not yet paid on December 31 (disregard payroll taxes).   Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.…

In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual grossreceipts do not exceed P1,919,500 has the following data:Accounts receivable, beginning of the quarter 50,000Sales during the quarter, on account 100,000Accounts receivable, end of quarter 75,000Purchase of supplies, total invoice amount 11,200The percentage tax due for the quarter is_______________Assuming the taxpayer is VAT-registered, the VAT payable is __________________

Listed below are selected transactions of Splish Department Store for the current year ending December 31. On December 5, the store received $470 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2. 3. 4. During December, cash sales totaled $802.200, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $121.600. The trucks were purchased in a state that applies a 5% sales tax The store sold 30 gift cards for $100 per card. At year-end, 25 of the gift cards are redeemed. Splish expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry.…