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Unformatted text preview: Year Installment Gross 2010 Sales Proft Collections 2008 $200,000 $50,000 $25,000 2009 300,000 81,000 80,000 2010 400,000 96,000 125,000 69. Comprehensive Problem. Bill is a cash-basis, calendar-year taxpayer. Which oF the Following December items result in gross income or deductions For the current year? a. Check received for December rent, $700, not deposited until January 4 b. Check for $1,100 to pay Bill’s state in- come taxes mailed December 28, cashed January 7 c. Cash received in the amount of $500 for services to be rendered the following year d. Interest of $800 credited to his savings ac- count, added to Bill’s account balance e. Check received for January rent, $700, deposited on January 9 f. Charitable contribution of $300, charged on Bill’s MasterCard g. Bills totaling $2,000 sent for services rendered during the year, uncollected as of year-end...
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This note was uploaded on 03/06/2011 for the course FINANCE 151 taught by Professor Smeegle during the Spring '11 term at San Diego State.
- Spring '11