Question

Bill operates a proprietorship using the cash method of accounting, and this year he received the following payments: $100 in cash from a customer for services rendered this year a promise from a customer to pay $200 for services rendered this year tickets to a football game worth $250 as payment for services performed last year a check for $170 for services rendered this year that Bill forgot to cash How much income should Bill realize on Schedule C?

Answer 1

The answer and procedures of the exercise are attached in the following image.

Explanation

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.