Conan Industries collected $100,000 from customers in 2019. Of the amount collected,$25,000 was from revenue earned on account in 2018. In addition, Conan earned $40,000 of revenue in 2019, which will not be collected until 2020. Conan Industries also paid $78,000 for expenses in 2019. Of the amount paid, $30,000 was for expenses incurred on account in 2018. In addition, Conan incurred $42,000 of expenses in 2019, which will not be paid until 2020.

Conan Industries collected $100,000 from customers in 2019. Of the amount collected,$25,000 was from revenue earned on account in 2018. In addition, Conan earned $40,000 of revenue in 2019, which will not be collected until 2020. Conan Industries also paid $78,000 for expenses in 2019. Of the amount paid, $30,000 was for expenses incurred on account in 2018. In addition, Conan incurred $42,000 of expenses in 2019, which will not be paid until 2020.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 25P

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