View the step-by-step solution to:

Sal, a lawyer, billed Bob $1,000 for legal services. Bob paid Sal $500 cash and installed a new door for Sal's office to settle the remainder of the...

Sal, a lawyer, billed Bob $1,000 for legal services. Bob paid Sal $500 cash and installed a new door for Sal's office to settle the remainder of the bill. Bob normally charges $650 to install a door. What amount does Sal need to report as income for tax purposes?


Multiple Choice

  • $500
  • $650
  • $1,000
  • $1,150

Top Answer

$1,000 [this was the amount that was... View the full answer

1 comment
  • The answer is $1,150
    • rachelmao
    • May 05, 2018 at 5:49pm

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online