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Ne4ueva [31]
3 years ago
7

Ashley is an attorney who specializes in family law. She uses the cash method of accounting and is a calendar-year taxpayer. Las

t year, she represented a client in a lawsuit and billed the client $5,000 for her services. Although she made repeated attempts, Ashley was unable to collect the outstanding receivable. Finally, in November of the current year, she finds out that the individual has moved without leaving any forwarding address. Ashley’s attempts to locate the individual are futile. What is the amount, if any, of the deduction that she may claim in connection with this bad debt?
Business
1 answer:
LiRa [457]3 years ago
7 0

Answer:

The Answer is explained below

Explanation:

Ashley is unable to collect the outstanding receivable after repeated attempts. In order to claim any deduction in connection with this bad debt Ashley has to record the income first but Ashley is using the cash method of accounting here. Therefore she can only claim any deduction when she receives any payment.

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Eddie Falco went to a grocery store to buy his favorite brand of ice cream. However, the store was temporarily out of that brand
arlik [135]

Answer:

limited problem solving

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3 years ago
Corner Supply has a current accounts receivable balance of $246,000. Credit sales for the year just ended were $2,430,000. How m
Wewaii [24]

Answer:

See below

Explanation:

Given the above information, the average debtor days is computed as seen below.

= Total receivables / Credit sales × 365

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Credit sales $2,430,000

Then,

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4 0
3 years ago
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3 years ago
What is a future consequence of making minimum payments each month?
Luden [163]

Answer:

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Paying the total outstanding amount clears the total credit card debt helping the customer avoid interest charges. Paying the minimum amount means the customer will have a balance carried forward to the following month, attracting interest charges.

Paying the minimum amount allows the user to continue using the credit card. There will be a balance carried forward and interest charges if only the minimum amount is paid. Due to the high-interest rates that credit cards charge, the debts increase exponentially. The cardholder will require a long time to clear the debts, which means that the interest charges and penalty amounts will be high.

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