Bill operates a proprietorship using the cash method of accounting, and this year he received the following:
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Question:
Bill operates a proprietorship using the cash method of accounting, and this year he received the following:
- $280 in cash from a customer for services rendered this year
- a promise from a customer to pay $164 for services rendered this year
- tickets to a football game worth $160 as payment for services performed last year
- a check for $206 for services rendered this year that Bill forgot to cash
How much income should Bill realize on Schedule C?
Multiple Choice
$280
$440
$444
$486
$646
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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