Alex Is a Calendar-Year Sole Proprietor

question 4

Multiple Choice

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?

• A)$7,000
• B)$12,000
• C)$17,000
• D)$24,000

Analyze and solve real-world problems using linear equations and inequalities.

Graph inequalities and interpret graphs representing inequalities.

Apply knowledge of percentages and ratios in real-life situations.

Conceptualize and solve problems involving mixtures and solutions.

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Definitions:

Attunement of Names

A concept, possibly referring to the harmonization or proper alignment of names, terms, or concepts within a particular context or system of thought, ensuring appropriate correspondence to their referents.

Euphemisms

Mild or indirect words or expressions used to replace harsher or unpleasant ones when discussing something sensitive or taboo.

Non-Western Philosophy

Philosophical thought that arises outside of the Western tradition, including African, Asian, Indigenous, and other cultural perspectives, offering diverse insights into questions of existence, morality, and society.

Mainstream Western

Refers to the predominant ideas, values, practices, and institutions that have been historically dominant in Western societies, especially in areas such as philosophy, science, and culture.