Bill Operates a Proprietorship Using the Cash Method of Accounting,and

question 62

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:

Medium Level

Typically refers to an intermediate level of hierarchy, intensity, or magnitude within a specific context or spectrum.

Group's Goal

The shared objective or aim that a group seeks to achieve together, which provides direction and motivation.

Visible Job

A position or role that is highly noticeable or public, often coming with significant scrutiny or attention.

CEO

The Chief Executive Officer, who is the highest-ranking executive in a company, responsible for making major corporate decisions.