Bill Operates a Proprietorship Using the Cash Method of Accounting

question 29

Multiple Choice

Bill operates a proprietorship using the cash method of accounting, and this year he received the following:$100 in cash from a customer for services rendered this yeara promisefrom a customer to pay $200 for services rendered this yeartickets to a football game worth $250 as payment for services performed last yeara 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:

Advantage

A favorable or beneficial condition, circumstance, or position that improves one's ability to achieve success.

Competitors

Entities that compete within the same market, offering similar products or services to the same customer base.

Competitive Advantage

Competitive advantage occurs when a business possesses a unique feature, capability, or position that allows it to outperform competitors.

Survival

The ability of a person, organization, or entity to continue to exist or operate despite facing obstacles or adversity.