Business, 24.03.2020 21:40 tiaholmes31
The allowance for bad debts as of January 1 was $58,000. Write-offs for the year totaled $13,800, and the addition to the allowance for the year was $12,500. The allowance as of December 31 was $56,700. EFG paid a $17,500 fine to the state of Delaware for a violation of state pollution control laws.
EFG was sued by a consumers group for engaging in false advertising practices. Although EFG’s lawyers are convinced that the suit is frivolous, its independent auditors insisted on establishing a $50,000 allowance for contingent legal liability and reporting a $50,000 accrued expense on the income statement.
EFG received a $165,000 advanced payment for 10,000 units of inventory on October 20. EFG reported the payment as revenue the following February when the units were shipped.
Compute EFG's taxable income by showing the adjustments to book income to arrive at taxable income
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The allowance for bad debts as of January 1 was $58,000. Write-offs for the year totaled $13,800, an...
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