Question: Ed's Appliances Ltd ( Ed ' s ) sold a furnace to a customer in October of 2 0 2 3 for $ 1 0

Ed's Appliances Ltd (Ed's) sold a furnace to a customer in October of 2023 for $10,000. The mark-up on the $5,000 cost of the furnace was 100%. The customer paid 20% of the purchase price on delivery, with the remainder of the purchase price due in March 2024. What is the maximum reserve Ed's can claim for the taxation year ending November 30,20239
out of
17
25
Fin
*
144
+
$8,000
$4,000
None of the above.
$2,000.
$6,000.

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