Teal company is an accrual basis taxpayer.On December 1,2014,a customer paid for an item that was on hand,but the customer wanted the item delivered in early January 2015.Teal delivered the item on January 4,2015.Teal included the sale in its 2014 income for financial accounting purposes.
A) Teal must recognize the income in 2014.
B) Teal must recognize the income in the year title to the goods passed to the customer,as determined under the state laws in which the store is located.
C) Teal can elect to recognize the income in either 2014 or 2015.
D) Teal must recognize the income in 2015.
E) None of these.
Correct Answer:
Verified
Q62: Under the alimony rules:
A)To determine whether a
Q69: Travis and Andrea were divorced.Their only marital
Q71: With respect to income from services,which of
Q72: Daniel purchased a bond on July 1,2014,at
Q73: Harry and Wanda were married in Texas,
Q75: The Maroon & Orange Gym,Inc. ,uses the
Q76: Office Palace,Inc. ,leased an all-in-one printer to
Q77: Theresa,a cash basis taxpayer,purchased a bond on
Q78: As a general rule:
A)Only I and II
Q79: On November 1,2014,Bob,a cash basis taxpayer,gave Dave
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents