In Reviewing the Accounts Receivable the Cash Realizable Value Is

question 152

Multiple Choice

In reviewing the accounts receivable the cash realizable value is $28000 before the write-off of a $2000 account.What is the cash receivable value after the write-off?

• A)$28000
• B)$2000
• C)$30000
• D)$26000

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Definitions:

Deductible IRA Contribution

A contribution to an Individual Retirement Account that can be deducted from gross income, reducing taxable income.

Joint Return

A combined tax return filing for a married couple that merges their incomes, deductions, and credits, potentially leading to tax benefits.

Deductible IRA Contribution

Contributions to an Individual Retirement Account that can reduce taxable income.

Disallowed Portion

The part of a deduction or credit that cannot be used to offset tax liability due to various limitations or restrictions imposed by tax laws.