Office Palace, Inc

question 49

Multiple Choice

Office Palace, Inc., leased an all-in-one printer to a new customer, Ashley, on December 27, 2018. The printer was to rent for $600 per month for a period of 36 months beginning January 1, 2019. 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 2018, if Office Palace is an accrual basis taxpayer.
• B) $7,800 in 2019, if Office Palace is a cash basis taxpayer.
• C) $2,700 in 2018, if Office Palace is a cash or accrual basis taxpayer.
• D) $1,200 in 2018, if Office Palace is a cash or accrual basis taxpayer.
• E) None of these.

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Definitions:

Print Résumé

A physical version of one's professional qualifications and experience, typically submitted for job applications.

Marketing Document

A written or digital material used to promote or sell a product or service, outlining its benefits and features.

Functional Résumé

A resume format emphasizing abilities and experiences over a sequential employment history.

Transferable Skills

Abilities and talents that can be applied across various jobs and industries, such as communication and problem-solving.