RTY is a calendar year corporation. On December 12, RTY billed a client $17,800 for services rendered during October and November. It had not received payment by December 31. On December 10, RTY received a $4,000 check from a tenant that leases office space from the corporation. The payment was for next year's January and February rent. Required: a. If RTY is a cash basis taxpayer, how much income should it recognize from the given transactions this year? b. If RTY is an accrual basis taxpayer, how much income should it recognize from the given transactions this year? Complete this question by entering your answers in the tabs below. Required A Required B Answer is not complete. If RTY is an accrual basis taxpayer, how much income should it recognize from the given transactions this year? Services performed Prepaid rent income Amount

RTY is a calendar year corporation. On December 12, RTY billed a client $17,800 for services rendered during October and November. It had not received payment by December 31. On December 10, RTY received a $4,000 check from a tenant that leases office space from the corporation. The payment was for next year's January and February rent. Required: a. If RTY is a cash basis taxpayer, how much income should it recognize from the given transactions this year? b. If RTY is an accrual basis taxpayer, how much income should it recognize from the given transactions this year? Complete this question by entering your answers in the tabs below. Required A Required B Answer is not complete. If RTY is an accrual basis taxpayer, how much income should it recognize from the given transactions this year? Services performed Prepaid rent income Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is provided for the first month of operations for Legal Services Inc.: A. The business was started by selling $103,000 worth of common stock. B. Six months' rent was paid in advance, $4,100. C. Provided services in the amount of $1,500. The customer will pay at a later date. D. An office worker was hired. The worker will be paid $277 per week. E. Received $520 in payment from the customer in "C". F. Purchased $300 worth of supplies on credit. G. Received the electricity bill. We will pay the $120 in thirty days. H. Paid the worker hired in "D" for one week's work. I. Received $130 from a customer for services we will provide next week. J. Dividends in the amount of $1,800 were distributed. Prepare the necessary journal entries to record these transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. A. B. 111
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