Bill Operates a Proprietorship Using the Cash Method of Accounting

question 62

Multiple Choice

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

Improved Performance

The observed enhancement in the efficiency or outcome of a process, activity, or individual over time.

Aggregated Data

Information that has been compiled into summaries, often for the purposes of public reporting or statistical analysis.

Inference Errors

involve mistakes or incorrect conclusions drawn from statistical data due to various factors such as sampling error, measurement error, or flawed reasoning.

Ecologic Study

A type of epidemiological study where the units of analysis are populations or groups of people rather than individuals.