In 2019, Godfrey received a $50,000 sales commission on a long-term contract. But in 2020, the customer filed for bankruptcy and his employer was not able to collect from the customer. Under the bonus agreement, Godfrey was required to repay the employer $20,000 of the bonus. Godfrey was in the 35% marginal tax bracket in 2019 but he is in the 24% marginal tax bracket in 2020.A) Godfrey can amend his 2019 tax return and reduce his taxable income by $20,000.
B) Godfrey should deduct the $20,000 paid in 2020 and thus his tax savings will be $4,800.
C) Godfrey can reduce his 2020 tax liability by 35% × $20,000 = $7,000.
D) Godfrey should not have reported the income in 2019 because of the contingencies.
E) None of the above.

rural residential development company and suburban real estate corporation form a joint stock company. the longest duration a joint stock company can be formed for is

Which of the following differentiates cost accounting and financial accounting? a. the primary users of cost accounting are the investors, whereas the primary users of financial accounting are the managers. b. cost accounting measures only the financial information related to the costs of acquiring fixed assets in an organization, whereas financial accounting measures financial and nonfinancial information of a company's business transactions. c. cost accounting measures information related to the costs of acquiring or using resources in an organization, whereas financial accounting measures a financial position of a company to investors, banks, and external parties. d. cost accounting deals with product design, production, and marketing strategies, whereas financial accounting deals mainly with pricing of the products.

You speak to a business owner that is taking in almost $2000 in revenue each month. the owner still says that they are having trouble keeping the doors open. how can that be possible? use the terms of revenue, expenses and profit/loss in your answer