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Author Question: Norah, who gives music lessons, is a calendar year taxpayer using thecashbasis method of accounting. ... (Read 30 times)

stock

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Question 1

Ms. Marple's books and records for 2016 reflect the following information:



What is the amount Ms. Marple should include in her gross income in 2016?
◦ $66,000
◦ $67,000
◦ $68,000
◦ $65,000

Question 2

Norah, who gives music lessons, is a calendar year taxpayer using the cash basis method of accounting. On October 1 of this year, she received $1,200 for a one-year contract beginning on that date to provide 10 lessons. She gave 6 lessons this year. How much should Norah include in income this year?
◦ $480
◦ $360
◦ $720
◦ $1,200


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Marked as best answer by stock on Sep 13, 2020

perkiness

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stock

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


epscape

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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