The taxpayer is a resident citizen and the taxable period is the 2nd quarter. Receipts/earnings/balances during the period are as follows: collections for services rendered in 2nd quarter is 50,000; collections for services rendered in 1st quarter is 20,000; collections for services to be rendered in the 3rd quarter is 30,000; uncollected billings-1st quarter is 10,000; and uncollected billings-2nd quarter is 15,000. What is the amount of taxable income in the 2nd quarter using accrual basis? 80,000 95,000 100,000 115,000
The taxpayer is a resident citizen and the taxable period is the 2nd quarter. Receipts/earnings/balances during the period are as follows: collections for services rendered in 2nd quarter is 50,000; collections for services rendered in 1st quarter is 20,000; collections for services to be rendered in the 3rd quarter is 30,000; uncollected billings-1st quarter is 10,000; and uncollected billings-2nd quarter is 15,000. What is the amount of taxable income in the 2nd quarter using accrual basis? 80,000 95,000 100,000 115,000
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 5E: For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000...
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The taxpayer is a resident citizen and the taxable period is the 2nd quarter. Receipts/earnings/balances during the period are as follows: collections for services rendered in 2nd quarter is 50,000; collections for services rendered in 1st quarter is 20,000; collections for services to be rendered in the 3rd quarter is 30,000; uncollected billings-1st quarter is 10,000; and uncollected billings-2nd quarter is 15,000. What is the amount of taxable income in the 2nd quarter using accrual basis?
- 80,000
- 95,000
- 100,000
- 115,000
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