Bill operates a proprietorship using the cash method of accounting, and this year he received the following: • $120 in cash from a customer for services rendered this year • a promise from a customer to pay $196 for services rendered this year • tickets to a football game worth $240 as payment for services performed last year • a check for $174 for services rendered this year that Bill forgot to cash How much income should Bill realize on Schedule C?
Bill operates a proprietorship using the cash method of accounting, and this year he received the following: • $120 in cash from a customer for services rendered this year • a promise from a customer to pay $196 for services rendered this year • tickets to a football game worth $240 as payment for services performed last year • a check for $174 for services rendered this year that Bill forgot to cash How much income should Bill realize on Schedule C?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bill operates a proprietorship using the cash method of accounting, and this year he received the following:
• $120 in cash from a customer for services rendered this year
• a promise from a customer to pay $196 for services rendered this year
• tickets to a football game worth $240 as payment for services performed last year
• a check for $174 for services rendered this year that Bill forgot to cash
How much income should Bill realize on Schedule C?
Multiple Choice
$120
$316
$360
$294
$534
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