Gander Inc. is a calendar year, accrual basis corporation. Gander accrued $23,900 wage and salary...
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Accounting
Gander Inc. is a calendar year, accrual basis corporation. Gander accrued $23,900 wage and salary expense at the end of 2019. How much of the accrued wage and salary expense can Gander deduct in 2019?
Group of answer choices
The amount of the accrued expense paid by March 15, 2020, is deductible in 2019.
The entire accrued expense is deductible in 2019.
None of the accrued expense is deductible in 2019.
The amount of the accrued expense paid by September 15, 2020, is deductible in 2019.
Which of the following statements about tax accounting for inventory costs is TRUE?
Group of answer choices
Manufacturing and retail businesses that use the LIFO costing convention for tax purposes must also use LIFO for book purposes.
Manufacturing and retail businesses may use the LIFO costing convention for tax purposes.
More than one of these statements are true.
Manufacturing and retail businesses may use the FIFO costing convention for tax purposes.
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