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Author Question: Alex is a calendar year sole proprietor. He began business on December 1, this year. He uses the ... (Read 91 times)

jace

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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
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Marked as best answer by jace on Sep 13, 2020

Ddddd

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Reply #1 on: Sep 13, 2020
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jace

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Reply 2 on: Sep 13, 2020
Wow, this really help

FergA

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Reply 3 on: Yesterday
:D TYSM

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