Question: Show how you got answer During 2012, the first year of operations, Silver, Inc., pays salaries of $175,000. At the end of employees have earned

Show how you got answer During 2012, the first year of

Show how you got answer

During 2012, the first year of operations, Silver, Inc., pays salaries of $175,000. At the end of employees have earned salaries of $20,000, which are not paid by Silver until early in 2013 amount of the deduction for salary expense? What is the. If Silver uses the cash method, $175,000 in 2012 and $0 in 2013. If Silver uses the cash method, $0 in 2012 and $195,000 in 2013. If Silver uses the accrual method, $175,000 in 2012 and $20,000 in 2013. If Silver uses the accrual method, $195,000 in 2012 and $0 in 2013. None of the above is correct. Petal, Inc. is an accrual basis taxpayer. Petal uses the aging approach to calculate the reserve for bad h During 2013, the following occur associated with bad debts, e ls' The amount of the deduction for bad debt expense for Petal for 2013 is: $10,000. $12,000. $22,000. $I40,000. None of the above. Terry and Jim are both involved in operating illegal businesses, Terry operates a gambling business and Jim operates a drug running business. Both businesses have gross revenues of $500,000. The businesses incur the following expenses. Which of the following statements is correct? Neither Teny nor Jim can deduct any of the above items in calculating the business Terry should report profit from his business of $250,000. Jim should report profit from his business of $500,000. Jim should report profit from his business of $250,000. None of the above. During 2012, the first year of operations, Silver, Inc., pays salaries of $175,000. At the end of employees have earned salaries of $20,000, which are not paid by Silver until early in 2013 amount of the deduction for salary expense? What is the. If Silver uses the cash method, $175,000 in 2012 and $0 in 2013. If Silver uses the cash method, $0 in 2012 and $195,000 in 2013. If Silver uses the accrual method, $175,000 in 2012 and $20,000 in 2013. If Silver uses the accrual method, $195,000 in 2012 and $0 in 2013. None of the above is correct. Petal, Inc. is an accrual basis taxpayer. Petal uses the aging approach to calculate the reserve for bad h During 2013, the following occur associated with bad debts, e ls' The amount of the deduction for bad debt expense for Petal for 2013 is: $10,000. $12,000. $22,000. $I40,000. None of the above. Terry and Jim are both involved in operating illegal businesses, Terry operates a gambling business and Jim operates a drug running business. Both businesses have gross revenues of $500,000. The businesses incur the following expenses. Which of the following statements is correct? Neither Teny nor Jim can deduct any of the above items in calculating the business Terry should report profit from his business of $250,000. Jim should report profit from his business of $500,000. Jim should report profit from his business of $250,000. None of the above

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