Homework Answers
For Tax purposes $2400 must be included in Joe's Cross Fit's gross income in 2019. Since the money is received in 2019, so the whole amount shall be included in 2019.
No amount will deferred as prepaid income.
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Question 18 0.2 pts Joe's Cross Fit, an accrual-method taxpayer, provides personal training services. On October...
Joe’s Cross Fit, an accrual method taxpayer, provides personal training services. On October 30, 2019, Barbie...
Joe’s Cross Fit, an accrual method taxpayer, provides personal training services. On October 30, 2019, Barbie pays Joe’s Cross Fit $2,400 cash for 24 months of personal training services ($100/month). Barbie’s training sessions beginning on November 1, 2019. For book purposes, Joe's Cross Fit will recognize $200 in income in 2019, $1,200 in 2020, and $1,000 in 2021. For tax purposes, how much of the $2,400 must Joe’s Cross Fit include in gross income in 2019 if Joe’s elects to...
Joe’s Cross Fit, an accrual-method taxpayer, provides personal training services. On October 30, 2019, Barbie pays...
Joe’s Cross Fit, an accrual-method taxpayer, provides personal training services. On October 30, 2019, Barbie pays Joe’s Cross Fit $2,400 cash for 24 months of personal training services ($100/month). Barbie’s training sessions beginning on November 1, 2019. For book purposes, Joe's Cross Fit will recognize $200 in income in 2019, $1,200 in 2020, and $1,000 in 2021. For tax purposes, how much of the $2,400 must Joe’s Cross Fit include in gross income in 2019 if Joe’s elects to defer...
Joe’s Cross Fit, an accrual-method taxpayer, provides personal training services. On October 30, 2019, Barbie pays...
Joe’s Cross Fit, an accrual-method taxpayer, provides personal training services. On October 30, 2019, Barbie pays Joe’s Cross Fit $2,400 cash for 24 months of personal training services ($100/month). Barbie’s training sessions beginning on November 1, 2019. For book purposes, Joe's Cross Fit will recognize $200 in income in 2019, $1,200 in 2020, and $1,000 in 2021. For tax purposes, how much of the $2,400 must Joe’s Cross Fit include in gross income in 2019 if Joe’s elects to defer...
Question 21 0.2 pts XYZ Corp., an accrual-method 'p., an accrual-method taxpayer, owns a rental building....
Question 21 0.2 pts XYZ Corp., an accrual-method 'p., an accrual-method taxpayer, owns a rental building. Mr. King, an individual, ered into a two-year lease to rent the building from XYZ Corp. at a rate of onth. The lease starts on December 1, 2019 and runs through Nov. 30, 2021. On December 1, 2019, Mr. King prepaid his rent for the entire lease ($24,000). For book purposes, XYZ Corp. will not recognize the rental revenue until it is earned ($1,000...
oblem Set Question 17 0.5 pts owns an accounting practice (sole proprietorship). During 2020, Al received...
oblem Set Question 17 0.5 pts owns an accounting practice (sole proprietorship). During 2020, Al received payments of $200,000. The $200,000 consists of: • $30,000 payment for services rendered in 2019 but not paid by the client until 2020 • $160,000 payment for services rendered and paid in 2020 • $10,000 prepayment received in 2020 for services that will be rendered in 2021 In addition to the $200,000 payments received in 2020, at the end of 2020 Al held accounts...
Question 21 0.2 pts XYZ Corp., an accrual-method 'p., an accrual-method taxpayer, owns a rental building. Mr. King, an individual, ered into a two-year lease to rent the building from XYZ Corp. at a rate of onth. The lease starts on December 1, 2019 and runs through Nov. 30, 2021. On December 1, 2019, Mr. King prepaid his rent for the entire lease ($24,000). For book purposes, XYZ Corp. will not recognize the rental revenue until it is earned ($1,000...
oblem Set Question 17 0.5 pts owns an accounting practice (sole proprietorship). During 2020, Al received payments of $200,000. The $200,000 consists of: • $30,000 payment for services rendered in 2019 but not paid by the client until 2020 • $160,000 payment for services rendered and paid in 2020 • $10,000 prepayment received in 2020 for services that will be rendered in 2021 In addition to the $200,000 payments received in 2020, at the end of 2020 Al held accounts...
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