Bill Operates a Proprietorship Using the Cash Method of Accounting

question 70

Multiple Choice

Bill operates a proprietorship using the cash method of accounting, and this year he received the following payments: -$100 in cash from a customer for services rendered this year
-a promise from a customer to pay $200 for services rendered this year
-tickets to a football game worth $250 as payment for services performed last year
-a check for $170 for services rendered this year that Bill forgot to cash
How much income should Bill realize on Schedule C?

• A)$100
• B)$300
• C)$350
• D)$270
• E)$520

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Definitions:

Sentence List

is an enumeration of sentences, often used to itemize ideas, steps, or examples.

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Factors or attributes that allow a company or country to produce goods or services more effectively than rivals.

Lead-In

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