Amara is a sole proprietor who operates her business using the cash method of accounting and a calendar year. Based on the following list, how much income will be reported on her 2023 Schedule C? $10,000 check received January 4, 2024, for a job completed December 20, 2021. $15,000 check received December 29, 2023, for a job completed December 28, 2022, deposited January 5, 2024. $9,500 balance due for work that Amara performed in June 2023. Amara took her client to small claims court in December 2023, but did not receive any satisfaction. 1) $9.500 2) $15,000 3) $19,500 4) $25,000

Amara is a sole proprietor who operates her business using the cash method of accounting and a calendar year. Based on the following list, how much income will be reported on her 2023 Schedule C? $10,000 check received January 4, 2024, for a job completed December 20, 2021. $15,000 check received December 29, 2023, for a job completed December 28, 2022, deposited January 5, 2024. $9,500 balance due for work that Amara performed in June 2023. Amara took her client to small claims court in December 2023, but did not receive any satisfaction. 1) $9.500 2) $15,000 3) $19,500 4) $25,000

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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