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Jones Company has declared and accrued management bonuses for the year ended December 31, 2021. The bonus amounts of $50,000 are scheduled to be
Jones Company has declared and accrued management bonuses for the year ended December 31, 2021. The bonus amounts of $50,000 are scheduled to be paid on June 29, 2022. How are these bonuses to be deducted for tax purposes? A) Deduct the amounts in 2022. B) Deduct the amounts in 2021. C) Deduct the amounts in 2023. D) Bonuses cannot be deducted at all.
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Accounting Business Reporting For Decision Making
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
4th Edition
978-0730302414, 0730302415
