Jethro Company, an accrual basis taxpayer, had a $10,000 overdue account payable to a major supplier. The supplier agreed to settle the account for $9,000 cash from Jethro. Which of the following statements is true? A. Jethro recognizes $1,000 income because of the settlement.
B. Jethro recognizes no income because of the settlement.
C. Jethro can deduct the $9,000 payment.
D. Jethro can deduct a $1,000 bad debt expense.

If his parents cannot alex with college, and two of his scholarships will be awarded to other students if he does not accept them immediately, which is the best option for him?

Four students are at an extracurricular activity fair at their high school and are trying to decide which clubs to join. some information about the students is listed in this chart: which describes which ctso each student should join?

Gamegirl inc., has the following transactions during august. august 6 sold 76 handheld game devices for $230 each to ds unlimited on account, terms 2/10, net 60. the cost of the 76 game devices sold, was $210 each. august 10 ds unlimited returned six game devices purchased on 6th august since they were defective. august 14 received full amount due from ds unlimited. required: prepare the transactions for gamegirl, inc., assuming the company uses a perpetual inventory syste