Stuart, a cash-basis taxpayer, operates a small retail store. His books show the following income items for the year: Sales - paid, $84,357; Sales - unpaid, $1,549; and Sale of cardboard packaging to recycling company, $1,314 - paid. What does Stuart report as his gross income on his Schedule C? a. $87,220b. $85,906c. $85,671d. $84,357
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Stuart, a cash-basis taxpayer, operates a small retail store. His books show the following income items for the year: Sales - paid, ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Gatto production services started the year with total assets of $120,000 and total liabilities of $65,000. the revenues and the expenses for the year amounted to $110,000 and $50,000, respectively.
Answers (1)
Selected information from Marie Corporation's accounting records and financial statements is as follows: Cash paid to acquire machinery $ 32,000 Retired common stock 59,000 Proceeds from sale of land 100,000 Gain from the sale of land 53,000
Answers (1)
If the required reserve ratio is 10%, actual reserves are $10 million, and currency in circulation is equal to $20 million, M1 will at most to be equal to a $150 million. b $20 million. c $90 million. d $30 million. e $120 million.
Answers (1)
Is its revenue stream from advertising and equipment sales growing or declining
Answers (1)
List at least five types of Fixed Expenses and why they are fixed using complete sentences.
Answers (1)
New Questions in Business
Bill Casler bought a $2000, 9-month certificate of deposit (CD) that would earn 8% annual simple interest.
Answers (1)
You win $200 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 3% interest.
Answers (1)
Suppose that a worker in Cornland can grow either 40 bushels of corn or 10 bushels of oats per year, and a worker in Oatland can grow either 20 bushels of corn or 5 bushels of oats per year. There are 20 workers in Cornland and 20 workers in Oatland.
Answers (1)
Knowing that Graeter's competes with multinational corporations as well as small businesses, would you recommend that Graeter's expand by licensing its brand to a company in another country? Why or why not?
Answers (1)
Sally overhears a phone conversation in an elevator of her office building in N. Y. C. discussing top secret financial matters regarding a corporation.
Answers (1)