Marketing and advertising costs

$54,000

Merchandise inventory, January 1, 2017

92,000

Shipping of merchandise to customers

2,000

Depreciation on Store Fixtures

9,000

Purchases

523,000

General and administrative costs

70,000

Merchandise inventory, December 31, 2017

109,000

Merchandise freight-in

22,000

Purchase returns and allowances

20,000

Purchase discounts

20,000

Revenues

630,000

The following data are for

MeedMeed

Retail Outlet Stores. The account balances (in thousands) are for

20172017.

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Requirements

1.

Compute (a) the cost of goods purchased and (b) the cost of goods sold.

2.

Prepare the income statement for
20172017.

Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold.

(a) Begin by completing the schedule of cost of goods purchased.

Meed Retail Outlet Stores

Schedule of Cost of Goods Purchased

For the Year Ended December 31, 2017 (in thousands)

Purchases

Add:

Deduct:

Cost of goods purchased

Which is one solution to levy the complexity of the global matrix strategy with added customer-focused dimensions?

9. tax types: taxes are classified based on whether they are applied directly to income, called direct taxes, or to some other measurable performance characteristic of the firm, called indirect taxes. identify each of the following as a “direct tax,” an “indirect tax,” or something else: a. corporate income tax paid by a japanese subsidiary on its operating income b. royalties paid to saudi arabia for oil extracted and shipped to world markets c. interest received by a u.s. parent on bank deposits held in london d. interest received by a u.s. parent on a loan to a subsidiary in mexico e. principal repayment received by u.s. parent from belgium on a loan to a wholly owned subsidiary in belgium f. excise tax paid on cigarettes manufactured and sold within the united states g. property taxes paid on the corporate headquarters building in seattle h. a direct contribution to the international committee of the red cross for refugee relief i. deferred income tax, shown as a deduction on the u.s. parent’s consolidated income tax j. withholding taxes withheld by germany on dividends paid to a united kingdom parent corporation

Singer and mcmann are partners in a business. singer’s original capital was $40,000 and mcmann’s was $60,000. they agree to salaries of $12,000 and $18,000 for singer and mcmann respectively and 10% interest on original capital. if they agree to share remaining profits and losses on a 3: 2 ratio, what will mcmann’s share of the income be if the income for the year was $15,000?