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34kurt
3 years ago
6

Short Corp. reported net income of $63,000 for the year and had a tax rate of 30%. Net sales were $300,000 and Operating expense

s were $90,000 for the year. Assuming there were no other revenues and expenses, what did Short report for cost of goods sold for the year?
Business
1 answer:
Mekhanik [1.2K]3 years ago
7 0

Answer:

Cost of goods sold  : $ 120.000

Explanation:

income before taxes   : 63000 / 0.7 = 90000  

(+) expenses                                          90.000

Total                                                      180.000

(-) net sales                                         300.000

= cost of goods                                   120.000

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Since we were told that On November 1,2019 Movers Inc., paid the amount of $24,000 for a 2 years' rent which will start or begin on November 1 which means Movers' year-end financial statements as of December 31,2019 will show:

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