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Determine mona company taxable income

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Reference no: EM132835364

In the current year Mona Company requested and received permission from the IRS to switch its accounting method from the cash method to the accrual method. Taxable income this year (computed under the accrual basis) was $110,000. At the end of last year, Mona had accounts receivable of $32,000, accounts payable of $27,000 and merchandise inventory of $10,000.

Problem 1: Determine Mona Company's taxable income after all (if any) adjustments. Is any relief available to Mona Company?

Reference no: EM132835364

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