Jones,Inc,A Calendar-Year Taxpayer,is in the Air Conditioner Repair Business

question 73

Multiple Choice

Jones,Inc.,a calendar-year taxpayer,is in the air conditioner repair business.The business uses the cash method.In December of the current year,Jones charged $100 of supplies at Refrigeration,Inc.,(he will pay the credit card bill in January) and also purchased $600 of supplies at XYZ on open account (he will make a payment on the open account in January) .What is the amount that is deductible by Jones,Inc.,in the current year?

• A)$100
• B)$600
• C)$700
• D)The amounts must be capitalized and charged to expense as used.

---

Definitions:

Setters

Positions or roles in various games or activities that involve organizing or preparing something for use, specifically referring to a key player in volleyball responsible for setting the ball for attacks.

Assists

In various contexts, this term refers to the action of helping or supporting.

Days Absent

The number of days an individual is not present at their scheduled location, often used in contexts like school or work attendance records.

Standard Deviation

A benchmark for the level of variation or the dispersion rate within a cluster of data.