FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Kiwi Corporation is a calendar year accrual method taxpayer. Kiwi needed help with data processing and hired Carrot to perform 80 hours of services. Carrot is an independent contractor with a rate of $80 per hour. Carrot performed 20 hours of service in 2024 and 60 hours of service in 2025. Kiwi paid Carrot $6, 400 for the services provided on March 20, 2025. What amount is deductible by Kiwi Corporation in 2024? $0 $6, 400 $1,600 $ 4,800 $3,200
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Transcribed Image Text:Kiwi Corporation is a calendar year accrual method taxpayer. Kiwi needed help with data processing and hired Carrot to perform 80 hours of services. Carrot is an independent contractor with a rate of $80 per hour. Carrot performed 20 hours of service in 2024 and 60 hours of service in 2025. Kiwi paid Carrot $6, 400 for the services provided on March 20, 2025. What amount is deductible by Kiwi Corporation in 2024? $0 $6, 400 $1,600 $ 4,800 $3,200
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