Business, 24.03.2021 19:50 c4thegoat

Ruby operates a hobby supply store. She maintains her books using the cash method. At the end of 2020, her accountant computes her accrual basis income that is used on her tax return. For 2020, Ruby had cash receipts of $840,000, which included $100,000 collected on accounts receivable from 2019 sales. It also included the proceeds of a $50,000 bank loan. At the end of 2020, she had $175,000 in accounts receivable from customers, all from 2020 sales. Ruby paid cash for all of the purchases. The total amount she paid for merchandise in 2020 was $560,000. At the end of 2019, she had merchandise on hand with a cost of $45,000. At the end of 2020, the cost of merchandise on hand was $80,000. Ruby's accrual basis gross receipts for 2015 are $ .
The cost of goods sold for 2015 under the accrual method is $ .
The gross profit from merchandise sales for 2015 under the accrual basis is $ .

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Ruby operates a hobby supply store. She maintains her books using the cash method. At the end of 202...