. A taxpayer paid the following salaries during the year 70,000 Salaries of administrative employees 40,000 Salaries of sales and marketing employees 120,000 Salaries of factory production workers Compute the deductible salaries expense

. A taxpayer paid the following salaries during the year 70,000 Salaries of administrative employees 40,000 Salaries of sales and marketing employees 120,000 Salaries of factory production workers Compute the deductible salaries expense

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

1. A taxpayer paid the following salaries during the year

70,000 Salaries of administrative employees
40,000 Salaries of sales and marketing employees
120,000 Salaries of factory production workers

Compute the deductible salaries expense

2. The following relate to the inventory of tools held by the taxpayer

120,000 Inventory of tools, January 1, 2022
400,000 Purchases of tools
130,000 Inventory of tools, December 31, 2022

What is the amount of deductible tools expense?

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13.
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