This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Alex is a calendar year sole proprietor. He began business on December 1, this year. He uses the ... (Read 99 times)

jace

  • Hero Member
  • *****
  • Posts: 541
on: Sep 13, 2020
Alex is a calendar year sole proprietor. He began business on December 1, this year. He uses the accrual method of accounting. Alex had the following collections in December:

•  Collected $7,000 in December, from clients who paid cash for services to be performed next year.
•  Collected $5,000 in December, for services performed during December; deposited in an operating account on December 31, this year.
•  Collected $12,000 in December; on accounts receivable for services performed in December; deposited in operating account on January 2, next year.

What is the amount Alex must include in his income for December?
◦ $7,000
◦ $12,000
◦ $17,000
◦ $24,000
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by jace on Sep 13, 2020

Ddddd

  • Sr. Member
  • ****
  • Posts: 334
Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly


jace

  • Member
  • Posts: 541
Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

ashely1112

  • Member
  • Posts: 347
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Observed Mother–Child Arguments at Five Time Points Over an Eight-Year Period Observed Mother–Child Arguments at Five Time Points Over an Eight-Year Period
Legal Environment of Business: Online Commerce, Ethics, and Global Issues (Cheeseman) Legal Environment of Business: Online Commerce, Ethics, and Global Issues (Cheeseman)
International Business Management International Business Management
Business Math Business Math
December 22 2023 December 22 2023
Chinese Dragon new year 2024 Chinese Dragon new year 2024
Video: Bulk flow - Factors that influence bulk flow

For a complete list of videos, visit our video library