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Question - Yna Supermarket had the following information pertaining to their inventory:
Particulars
Amount
Purchase returns and allowances
80,000
Purchase discount
10,000
Transportation-in
50,000
Transportation-out
65,000
Net Cost of Purchase
950,000
Sales returns and allowances
75,000
On the beginning of the year 2019, the company conducted a physical inventory count; the warehouse had 88,500 amount of goods stored. December 31, 2019 - Upon completion of Physical Inventory Count the company had 49,000 worth of goods inside the warehouse.
Required -
a. How much is the Purchases?
b. How much is the Cost of Goods sold?
Talley also had (1) interest charges of $50,000, (2) dividends received of $15,000, What is the firms taxable income
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