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Augustus1 Augustus1
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7 years ago
Freida is an accrual-basis taxpayer who owns a furniture store. The furniture store had the following sales of inventory:
Year of sale   Installment sales   Profit   Collections in 2010
2008   $60,000   $30,000   $20,000
2009   100,000   50,000   30,000
2010   250,000   125,000   40,000

For tax purposes, Freida should report gross profit for 2010 of
A) $40,000.
B) $65,000.
C) $90,000.
D) $125,00.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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7 years ago
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Augustus1 Author
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#2
7 years ago
I needed this so bad, I'm laughing right now from happiness
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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