Carl's Cards Inc., is an accrual-method C corporation that sells collectible trading cards (similar to Pokemon cards).

Taxpayer Info: Carl's Cards Inc., is an accrual-method C corporation that sells collectible trading cards (similar to Pokemon cards). Carl's Cards' tax year is January 1 through December 31. In 2016, Carl's Cards had gross receipts of $260,000 and refunds of $2,000. At the beginning of 2016, Carl's Cards had S10,000 of product in inventory. In 2016, Carl's Cards purchased an additional $115,000 worth of inventory. After conducting its end of year inventory for 2016, Carl's Card's had inventory of $25,000. In addition to income from the sale of cards, Carl's Cards had $1,000 in interest income from a savings account. Complete 2016 Form 1120 Lines 1 through 11 for Carl's Cards. You will also need to complete Lines 1 through 8 on Form 1125-A Cost of Goods Sold. 13. What is Carl's Cards' Cost of Goods Sold (Line 8 of Form 1125-A)? 14. What is Carl's Cards' Total Income (Form 1120 Line 11)