Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Mary carries on business as a sole proprietor that generated $100,000 in net accounting income.
Included in this amount are:
• $7,000 of amortization expense;
• $4,000 for bad debt expense;
• $112,000 cost of goods sold; and
• $12,000 meals and entertainment with clients.
Mary's maximum CCA has been calculated at $10,000 for the year. What is Mary's business income for income tax purposes?
A. $113,000
B. $109,000
C. $107,000
D. $103,000
Please explain the solution to this general accounting problem with accurate principles.
XDR Industries products a single product. The company's absorption costing income statement for April is as follows:
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