Question
Beetle Ltd. had the following accounts in Year 1: Revenue $100,000, COGS $65,000, Salaries $45,000, Gain on Sale of Assets $20,000, Administrative Expenses $8,000. Which
Beetle Ltd. had the following accounts in Year 1: Revenue $100,000, COGS $65,000, Salaries $45,000, Gain on Sale of Assets $20,000, Administrative Expenses $8,000. Which of the following is correct?
A. Beetle Ltd. will have a non-capital loss carryforward of $8,000 at the end of the year.
B. Beetle Ltd. will have a non-capital loss carryforward of $18,000 at the end of the year.
C. Beetle Ltd. will have a non-capital loss carryforward of $0 at the end of the year.
D. Beetle Ltd. will have a non-capital loss carryforward of $4,000 at the end of the year.
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Principles of Accounting
Authors: Needles, Powers, crosson
11th Edition
1439037744, 978-1133626985, 978-1439037744
