David purchased a deli shop on February 1^st of last year and began to operate it as a sole proprietorship. David reports his personal taxes using the cash method over a calendar year, and he wants to use the cash method and fiscal year for his sole proprietorship. He has summarized his receipts and expenses through January 31^st of this year as follows:
What income should David report from his sole proprietorship?
$\begin{array} { | l | r | r | } \hline & \text { Receipts } & \text { Exrenses } \\\hline \text { February thu. December last year } & \$ 112,000 & \$ 84,500 \\\text { January this year } & 10,400 & 6,200 \\\hline\end{array}$

Question

David purchased a deli shop on February 1^st of last year and began to operate it as a sole proprietorship. David reports his personal taxes using the cash method over a calendar year, and he wants to use the cash method and fiscal year for his sole proprietorship. He has summarized his receipts and expenses through January 31^st of this year as follows:
What income should David report from his sole proprietorship?

\begin{array} { | l | r | r | } \hline & \text { Receipts } & \text { Exrenses } \\\hline \text { February thu. December last year } & \$ 112,000 & \$ 84,500 \\\text { January this year } & 10,400 & 6,200 \\\hline\end{array}

Quizplus · Accepted Answer

The Answer of David purchased a deli shop on February 1^st of last year and began to operate it as a sole proprietorship. David reports his personal taxes using the cash method over a calendar year, and he wants to use the cash method and fiscal year for his sole proprietorship. He has summarized his receipts and expenses through January 31^st of this year as follows: What income should David report from his sole proprietorship? $$\begin{array} { | l | r | r | } \hline & \text { Receipts } & \text { Exrenses } \ \hline \text { February thu. December last year } & \$ 112,000 & \$ 84,500 \ \text { January this year } & 10,400 & 6,200 \ \hline \end{array}$$

David Purchased a Deli Shop on February 1st of Last

David Purchased a Deli Shop on February 1^st of Last