Business, 04.07.2019 21:20 jis0

Petal, inc. is an accrual basis taxpayer. petal uses the aging approach to calculate the reserve for bad debts. during 2018, the following occur associated with bad debts. credit sales $400,000 collections on credit sales 250,000 amount added to the reserve beginning balance 10,000 (i. e. bad debt expense estimate for the year) identifiable bad debts during 2018 12,000 (amounts specifically written off during the year) the amount of the deduction for bad debts for petal for 2018 is: a. $22,000. b. $140,000. c. $12,000. d. $10,000. e. none of these choices are correct.

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Petal, inc. is an accrual basis taxpayer. petal uses the aging approach to calculate the reserve for...

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