What are your options? I'd say fish oil or animal based diesel fuel.
For a loss to be shown on his tax return, the total expenses (prices of goods, supplies, transportation and so on) must be larger than the sale or revenue.
Since he's always showing profit, this means that his revenue his more.
Scott may be including some illegitimate factors (factors that are not usually included in the calculation) in his calculations. These factors may lead to hypothetical loss for him.
The correct answer is $500.
An adjusted trail balance is prepared at the end of the accounting period. On this statement you will have what the value of the supplies in inventory is on the last day of the accounting cycle. In this example there are $500 worth of supplies left, which is why it is the correct answer.
Credit $1300 from you cash or bank account and Debit $1300 to Principal account.
Answer:
$101,500
Explanation:
Net Sales $2,030,000
Allowance for uncollectible Accounts ($2,030,000*5%)=$101,500
The amount of uncollectible accounts to be reported in income statement shall be $101,500
