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The accountant preparing the income statement for Bakersfield, Inc. had some doubts about the appropriate accounting treatment of the seven items listed below during the fiscal year ending December 31, 2010. Assume a tax rate of 40 percent.

The company recorded advances of $10,000 to employees made December 31, 2010 as Salary Expense.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M982922

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