Rachel's Recordings reported net income of $240,000. Beginning balances in Accounts Receivable and Accounts Payable were $17,000 and $22,000 respectively. Ending balances in these accounts were $11,500 and $30,000, respectively.
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Presented below is information related to Marin Company. Cost Retail Beginning inventory $103,820 $278,000 Purchases 1,402,000 2,152,000 Markups 93,600 Markup cancellations 13,900 Markdowns 34,600 Markdown cancellations 5,000 Sales revenue 2,206,000
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Sheila and Joe Wells are married with two dependent children. During 2019, they have gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $25,000 and tax credits of $2,000.
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