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David purchased a deli shop on February 1st of last year and began to operate it as a sole proprietorship. David reports his personal taxes using the cash method over a calendar year, and he wants to use the cash method and fiscal year for his sole proprietorship. He has summarized his receipts and expenses through January 31st of this year as follows:
What income should David report from his sole proprietorship?
Commodities
Basic goods used in commerce that are interchangeable with other goods of the same type.
Carriers
Companies or individuals that undertake the transportation of goods or passengers.
Long Logistical Distance
Long logistical distance indicates the extended physical space or geographical span that logistics and supply chain processes must cover, potentially influencing transport time and costs.
Package Carrier
A company or service that specializes in the transportation and delivery of parcels and documents.
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