Question

Bill operates a proprietorship using the cash method of accounting, and this year he received the following: $250 in cash from a customer for services rendered this year a promise from a customer to pay $170 for services rendered this year tickets to a football game worth $175 as payment for services performed this year a check for $200 for services rendered this year that Bill forgot to cash How much income should Bill recognize on Schedule C

Answer 1

Answer:

$625

Explanation:

Calculation to determine How much income should Bill recognize on Schedule C

Using this formula

Recognize income=Cash Received +Football tickets+Check

Let plug in the formula

Recognize income=$250+$175+$200

Recognize income=$625

Therefore The amount of income that Bill

should recognize on Schedule C is $625