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30 June, 00:15

Petal, Inc. is an accrual basis taxpayer. Petal uses the aging approach to calculate the reserve for bad debts. During 2019, the following associated with bad debts occur. Credit sales $400,000 Collections on credit sales 250,000 Amount added to the reserve 10,000 Beginning balance in the reserve - 0 - Identifiable bad debts during 2019 12,000 The amount of the deduction for bad debt expense for Petal for 2019 is:

(a) $10000

(b) $12000

(c) $22000

(d) $140000

(e) None of these

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Answers (1)
  1. 30 June, 03:29
    0
    B. 12000
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