MG is an accrual basis corporation. In 2017, it wrote off a $65,000 account receivable as uncollectible.
Question:
a. What was the effect of the write-off on MG's 2017 financial statement income and taxable income?
b. What was the effect of the collection of the receivable on MG's 2018 financial statement income and taxable income?
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a For financial statement purposes the 65000 writeoff was charged against the allowance for ba...View the full answer
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Related Book For
Principles Of Taxation For Business And Investment Planning 2018
ISBN: 9781259713729
21st Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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