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Kryger [21]
3 years ago
6

Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $160,000 on December 31, 2018. During the year, the co

rporation purchased additional inventory of $415,000. If cost of goods sold for 2018 is $470,000, what was the beginning inventory at January 1, 2018?
Business
1 answer:
bezimeni [28]3 years ago
3 0

Answer:

The answer is $215,000

Explanation:

Cost of goods sold equal:

Opening/beginning inventory plus purchases minus closing/ending inventory

To find beginning inventory at January 1, 2018, lets rearrange the formula:

Cost of goods sold minus plus purchases plus closing/ending inventory.

Cost of sales is $470,000

Purchases is $415,000

Ending inventory is $160,000

Therefore, beginning inventory at January 1, 2018 is

$470,000 - $415,000 + $160,000

=$215,000

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In year 1, Kris purchased a new home for $200,000 by making a down payment of $150,000 and financing the remaining $50,000 with
blondinia [14]

Answer: D. $7,500

Explanation:

Before the $150,000 mortgage at 5%, the existing $40,000 balance of the loan was paid off. Therefore, only the mortgage was payable. At 5% x %150,000 = $7500 interest.

Therefore, the amount $7500 interest expense Kris will deduct as home related interest expense would be $7,500.

4 0
3 years ago
MaltHanks Inc., a leading American firm, starts its operations in China. It incurs a lot of additional costs in comparison to th
asambeis [7]

Answer: Liability of foreignness

Explanation: In simple words, the extra cost incurred by a company operating in a foreign country as compared to the local companies over there is called the liability of foreignness.

In the given case, the American company incurred extra cost in china due to their lack of local knowledge and discrimination from the locals.

Thus, from the above we can conclude that Malt hanks faced liability of foreignness.

5 0
3 years ago
The likelihood of Company A's stock price rising is 20%, and the likelihood of Company B's stock price rising is 30%. Assume tha
Volgvan

Answer: 44%

Explanation:

In probability, Independent event is simply an event that doesn't have anything to do with the occurrence or non-occurrence of another event.

From the question, we are informed that likelihood of Company A's stock price rising is 20%, and the likelihood of Company B's stock price rising is 30% and they are both independent.

Therefore, the probability that the stock price of at least one of the companies will rise goes thus:

P(at least one will rise) will be:

= 1 - P(both fall)

= 1 - [(1-0.20) × (1-0.30)]

= 1- (0.8 × 0.7)

= 1 - 0.56

= 0.44

= 44%

6 0
3 years ago
What is critical thinking?
Jlenok [28]

Answer:

Critical thinking is the analysis of facts to form a judgment. The subject is complex, and several different definitions exist, which generally include the rational, skeptical, unbiased analysis, or evaluation of factual evidence.

Explanation:

i just know

3 0
3 years ago
Read 2 more answers
Which is NOT a first degree misdemeanor for a licensee if found guilty? The publishing of false or misleading information The un
svet-max [94.6K]

Answer:

1. The unlawful collection of an advance fee for listing real property

2. Acting as a broker or sales associate without holding an active, current license.

Explanation:

Considering the available options, the ones that are NOT a first-degree misdemeanor for a licensee if found guilty are:

1. The unlawful collection of an advance fee for listing real property

2. Acting as a broker or sales associate without holding an active, current license.

This is because a first-degree misdemeanor is considered to be a result of "rental information violations."

And considering the available options, The publishing of false or misleading information and Failing to provide accurate and current rental information for a fee, falls within the misdemeanor charges.

3 0
3 years ago
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