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?
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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?
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- Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible. 1. How much is the business tax payable for the first quarter? 2. How much is the business tax payable for the third quarter?Marine Corporation collected $120,000 during 2020. Of this amount, $2,000 was still unearned as of December 31, 2020. The company reported sales of $128,000. Marine purchased inventory during 2020 of $48,000, and the inventory account balance was the same at the beginning and the end of the year. What was the company's gross profit for 2020?On January 1, 2020, Crow Company changed from FIFO to LIFO for income tax and external reporting purpos- es. On that same date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $95,000. The following information is available from Crow's records for years 2020 through 2023. Year 2020 2021 2022 2023 Ending Inventory on a FIFO Basis Ending Inventory at Base Year Costs $113,600 84,600 85,200 92,900 a. $125,000 110,000 115,000 130,000 Required Compute the price indices used to calculate ending inventory at base year costs. Round to two decimals. Hint: Divide ending inventory on a FIFO basis by ending inventory at base year for each year. b. Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023. Prepare the journal entry at each year-end, 2020 through 2023, to adjust inventory to LIFO.
- Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $700,000 (28,000 units at $25 each). During 2021, 96,000 units were purchased, all at the same price of $32 per unit. 98,000 units were sold during 2021. Assuming an income tax rate of 25%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements?Items 9 through 11 are based on the following information: 9. The Vitality Company showed pre-tax income of P2,500,000 for the year ended December 31, 2018. On your year-end verification of the transactions of the Company, you discovered the following errors: P1,000,000 worth of merchandise was purchased in 2018 and included in the ending inventory. However, the purchase was recorded only in 2019.During 2025, which was the first year of operations, Ivanhoe Company purchased inventory with a cost of $973000 before cash discounts. All purchases were made on terms of 2/10, n/30. Three-fourths of the items purchased were paid for within 10 days of purchase. All of the goods available had been sold at year end. Which of the following recording procedures would result in the highest cost of goods sold for 2025? 1. Recording purchases at gross amounts 2. Recording purchases at net amounts, with the amount of discounts not taken shown under "other expenses" in the income statement 01 02 O Either 1 or 2 will result in the same cost of goods sold. O Cannot be determined from the information provided.
- Jackie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible. How much is the business tax payable for the October?Accounting The before-tax income for Environmentalists Corp. for 2021 was $295,000; for 2020, it was $320.000. You have spent considerable time reviewing the accounts and have noted the following: Sales for 2020 included $72,000 that had been received in cash during 202O, but for which the related products were delivered in 202 Performance was considered complete on delivery. Ending inventory on December 31, 2021, was understated by $6,500. The December 31, 2020 ending inventory was overstated by $3,300. In January 2021, Environmentalists reviewed its recycling machinery. The machine was purchased in January 2018 for $250,000 with a residual value of $30,000 and a useful life of 10 years. Environmentalists has determined the remaining useful life is now 5 years with no residual value. Ordinary repairs to equipment had been charged in error to the Equipment account during 2021,2020 and 2019. In total, repairs in the amount of $7,500 in 2021, $8,400 in 2020 and $9,000 in 2019 were…In 2024, Banchero Corp. changed from a FIFO cost flow assumption to average cost flow assumption for inventory valuation in financial reporting. Banchero's tax rate is 20%, and Banchero has used, and will continue to use FIFO for tax reporting purposes. Below is a summary of cost of goods sold, as calculated under both methods, for Banchero's first three years of operations. 2022 2023 2024 FIFO COGS $205,100 $228,700 $226,400 Average cost COGS $236,800 $223,100 $258,700 Implementing the accounting change in 2024 will require a debit (enter as a positive number) or a credit (enter as a negative number) to retained earnings for what amount?
- Anna's business makes an operating profit of $29,975 in the year ended 31 December 2020, after deducting $7,668 for depreciation. On 31 December 2020 her statement of financial position showed inventory of $33,250, receivables and prepayment of $26,772 and payables $33,556. on december 2019, the corresponding figures were inventory $34,490, receivables and prepayments $22,894 and payables $29,493. What is the net cash inflow from operating activities to be included in Annas statement of cashflow for the year ended 31 December 2020?In 2024, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2023, B & B’s inventories were $32.2 million (FIFO). B & B’s records indicated that the inventories would have totaled $23.9 million at December 31, 2023, if determined on an average cost basis. Ignoring income taxes, what journal entry will B & B use to record the adjustment in 2024? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).1. Butterfly 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? 2. This next question will be more opinion-based. What is an Enrolled Agent (EA) and what is a CPA? What requirements must be met in order to obtain either of these titles? Would you be interested in pursuing either and why?
