1/ acacia company had inventory of $300,000 on december 31 2015. other informati

Question

1/ acacia company had inventory of $300,000 on december 31 2015. other information is as follows:

purchases $1,500,000

sales 1,800,000

inventory 1/1/2015 500,000

what is the amount of acacia's cost of good sold for 2015?

a.200,000

b.1,600,000

c.1,700,000

d.1,800,000

e.none of the above

2/what percentage of medical insurance payments can self-employed taxpayers deduct for adjusted gross income on their 2015 tax returns, assuming their self-employment income exceeds their medical insurance payments?

a. 60%

b. 70%

c. 50%

d. 90%

e. 100%

3/ which of the following is not an itemized deduction?

a. medical expenses

b. IRA contribution deduction

c. personal property taxes

d. union dues

e. all of the above are itemized deductions

Explanation / Answer

1)Cost of Goods Sold = Beginning Inventory + purchases - ending Inventory

Cost of Goods Sold = 500000+1500000-300000

COst of Goods SOld = $1700000

The Correct option is c

2) c) 50%

3) b. IRA contribution deduction

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