Basil company a cash-basis taxpayer had the following, Ask an Expert

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Basil Company, a cash-basis taxpayer, had the following activity during 2013: Sales in 2013, uncollected $ 40,000 Sales in 2013, collected 1,000,000 Total sales in 2013 1,040,000 Collections on 2012 bad debt 50,000

What is the correct amount of income to be reported for 2013?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9968059

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