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 from a customer to pay $200 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

Question

Quizplus · Accepted Answer

The Answer of 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 from a customer to pay $200 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

Bill Operates a Proprietorship Using the Cash Method of Accounting