Office Palace,Inc

question 94

Multiple Choice

Office Palace,Inc. ,leased an all-in-one printer to a new customer,Ashley,on December 27,2016.The printer was to rent for $600 per month for a period of 36 months beginning January 1,2017.Ashley was required to pay the first and last month's rent at the time the lease was signed.Ashley was also required to pay a $1,500 damage deposit.Office Palace must recognize as income for the lease:

• A)$0 in 2016,if Office Palace is an accrual basis taxpayer.
• B)$7,800 in 2017,if Office Palace is a cash basis taxpayer.
• C)$2,700 in 2016,if Office Palace is a cash basis taxpayer.
• D)$1,200 in 2016,if Office Palace is an accrual basis taxpayer.
• E)None of these.

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Definitions:

Top Management

Refers to the highest level of executives who are responsible for strategic decisions and overall operations in an organization.

Strategic HR Recruitment

The process of planning and acquiring talents in a way that aligns with organizational goals and strategy, ensuring the right people are hired for the right jobs at the right time.

Downsizing Employees

Reducing the number of employees through layoffs, often as a strategy to cut costs and improve efficiency.

Competencies

A rephrased definition: The combination of knowledge, skills, abilities, and behaviors that are required for effective performance in a job role.