Solved: How much of the 7000 in deductible business expenses may, Accounting Basics

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How much of the 7000 in deductible business expenses may

On December 15, 2016, Jack's Tax Prep, a cash-method taxpayer, prepaid $5,000 worth of deductible interest on a business loan. The interest accrued in 2017.

In addition, Jack's Tax Prep incurred $2,000 in deductible repair expenses on December 28, 2016. Jack received the invoice on January 15, 2017, and he paid the $2,000 on January 29, 2017.

How much of the $7,000 in deductible business expenses may Jack's Tax Prep deduct in 2016?

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Accounting Basics: How much of the 7000 in deductible business expenses may

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