Canfield Is Single,70 Years Old,and Has No Dependents

question 68

Multiple Choice

Canfield is single,70 years old,and has no dependents.Canfield will not have to file a tax return in 2016 if:
I.his gross income does not exceed $11,900.
II.his only income is $4,000 of self-employment income.
​

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Credit Sales

Sales in which the customer is allowed to purchase goods or services on the agreement they will pay at a later date.

Cash Receipts

Monies received by a business, recorded during the period they are received, including cash sales and collections from customers.

Projected Sales

Future sales estimates based on historical data, market analysis, and other predictive techniques.

Accounts Receivable

The amount of money owed to a company by its customers for goods or services sold on credit.