This Year, Yuan Started a Business Selling Computer Parts Both

question 16

Multiple Choice

This year, Yuan started a business selling computer parts both in-store and online. He purchased via credit card, $60,000 of goods during the year. His ending inventory was $9,000. For tax purposes, Yuan adopted the cash method and the treatment of inventory as deductible when purchased per his books. His deduction for inventory for the year is:

• A) $51,000.
• B) $60,000.
• C) $69,000.
• D) None of the above.

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Definitions:

Actin

A globular protein that forms filaments, which are vital components of the cytoskeleton in all eukaryotic cells, involved in cell movement and structure.

Cross Bridge

A myosin projection on a muscle cell that connects with actin to contract muscle fibers, fundamental in muscle contraction.

Opposite Direction

Referring to a movement, orientation, or action that is directly contrary or reverse to another.

Creatine Phosphate

A high-energy reserve molecule in muscles and the brain that donates phosphate to ADP to regenerate ATP during the first seconds of intense work.