Bertram,Inc

question 25

Multiple Choice

Bertram,Inc.had a beginning and ending accounts payableAccounts Payable balances of $400 and $450,respectively.Inventory had beginning and ending balances of $450 and $425,respectively.All inventory purchases are made on account.If cost of goods sold was cost of goods sold equaled $350,how much cash was spent to obtain purchase inventory?

• A) $275
• B) $250
• C) $400
• D) $350

---

Definitions:

Form 941

A tax form used by employers to report quarterly federal tax withholdings from their employees, including income tax, Social Security, and Medicare taxes.

Quarterly Basis

A time frame used for financial processes, including tax payments and reporting, divided into four equal parts over the year.

FUTA

The Federal Unemployment Tax Act (FUTA) is a United States federal law that imposes a payroll tax on employers to fund state workforce agencies and unemployment insurance.

Medicare Taxes

Taxes that fund Medicare, a federal health insurance program, deducted from the paychecks of employees and also paid by employers.