Alex Is a Calendar- Year Sole Proprietor

question 885

Multiple Choice

Alex is a calendar- year sole proprietor. He began business on December 1, this year. He uses the accrual method 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 opera account on January 2, next year.
What is the amount Alex must include in his income for December?

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

Learn the relationship between sleep deprivation, body fat production, and cortisol levels.

Understand the psychological and physical impacts of sleep deprivation.

Recognize appropriate timing and methods for exercise in relation to sleep quality.

Identify strategies for improving sleep quality and overcoming insomnia.

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Definitions:

Activity-based Costing

An accounting method that assigns costs to products or services based on the activities and resources that go into producing them, providing precise cost information.

First Stage

The initial phase in a process or development where foundational elements are established.

Cost Objects

Items or activities for which costs are measured and assigned, such as products, services, or projects.

Plantwide Overhead Rate

A single rate used to allocate manufacturing overhead costs uniformly across all products within a plant or facility.