Brillo Company uses the calendar year and the cash method of accounting. On December 31, 2015, Brillo
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a. $50,000 for a two-year office lease beginning on February 1, 2016.
b. $79,000 of inventory items held for sale to customers.
c. $1,800 to purchase a new refrigerator for the employees’ lounge. The refrigerator was delivered on January 8, 2016.
d. $4,800 retainer to a consultant who spent three weeks in January 2016 analyzing Brillo’s internal control system.
e. $22,300 property tax to the local government for the first six months of 2016.
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Principles Of Taxation For Business And Investment Planning 2016 Edition
ISBN: 9781259549250
19th Edition
Authors: Sally Jones, Shelley Rhoades Catanach
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