Bill Operates a Proprietorship Using the Cash Method of Accounting

question 99

Multiple Choice

Bill operates a proprietorship using the cash method of accounting, and this year he received54th) e following payments:
•$100 in cash from a customer for services rendered this year$100 in cash from a customer for services rendered this year.
•a promise to pay $200 from a customer 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.

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

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Definitions:

Production Process

The activities, operations, and methodologies used in transforming raw materials into finished goods or services.

Market-Determined Quantity

The quantity of a good or service established through the interaction of supply and demand in a marketplace.

Coal Mine Pollution

Environmental damage caused by the mining and processing of coal, including air and water pollution.

Marginal Social Benefit

The extra benefit that society receives from consuming an additional unit of a good or service.