What amount of income should be reported for Year 2? Horton, LLC, a cash-basis taxpayer, had the

What amount of income should be reported for Year 2?

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Horton, LLC, a cash-basis taxpayer, had the following activity during Year 2: Sales in Year 2, collected Sales in Year 2, uncollected Sales collected on Year 1 uncollected amounts Collections on Year 1 bad debts What amount of income should be reported for Year 2? Horton, LLC, a cash-basis taxpayer, had the following activity during Year 2: Sales in Year 2, collected Sales in Year 2, uncollected Sales collected on Year 1 uncollected amounts Collections on Year 1 bad debts $1,538,000 $33,000 $160,000 $20,020 $1,538,000 $33,000 $160,000 $20,020 Horton, LLC, a cash-basis taxpayer, had the following activity during Year 2: Sales in Year 2, collected Sales in Year 2, uncollected Sales collected on Year 1 uncollected amounts Collections on Year 1 bad debts What amount of income should be reported for Year 2? Horton, LLC, a cash-basis taxpayer, had the following activity during Year 2: Sales in Year 2, collected Sales in Year 2, uncollected Sales collected on Year 1 uncollected amounts Collections on Year 1 bad debts $1,538,000 $33,000 $160,000 $20,020 $1,538,000 $33,000 $160,000 $20,020

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The amount of income that should be reported for Year 2 is 538000 Here ... View the full answer