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What is the maximum reserve Ed can claim for tax purposes

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Reference no: EM132603922

Question 1: Ed's Appliances Ltd (Ed's) sold a furnace to a customer in October, 2019 for $10,000. The gross profit on the furnace sale was $5,000. The customer paid 20 percent of the purchase price on delivery in October 2019, with the remainder of the purchase price due in March 2020. What is the maximum reserve Ed's can claim for tax purposes for its November 30, 2019 year end?

Option a. $2,000.

Option b. $4,000.

Option c. $6,000.

Option d. $8,000.

Reference no: EM132603922

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