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USPshnik [31]
2 years ago
14

In 2016, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients andearned $25,000. The client

s signed notes receivable to Chaya that have a fair market value of$22,000 at year-end. In addition, Chaya sold a 36-month service contract on June 1, 2016, and received payment in full of $12,000.
How much income does Chaya report from these transactions in 2016?
Business
1 answer:
Artemon [7]2 years ago
7 0

Answer:

$27,333.33

Explanation:

The computation of the amount of income reported is shown below:

= Provided services to the customer + Payment received × number of months ÷ given number of months

= $25,000 + $12,000 × 7 months ÷ 36 months

= $25,000 + $2,333.33

= $27,333.33

The seven months is calculated from the June 1 to December 31. We assume the books are closed on December 31

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Payroll is your answer.

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2 years ago
Hartley​ Electronics, Inc., in​ Nashville, produces short runs of custom airwave scanners for the defense industry. You have bee
Delicious77 [7]

Answer:

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Explanation:

The computation of the number of kanban connectors needed is given below:

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4 0
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All of the following are true about the project scope statement EXCEPT:a.It is an output of the Verify Scope process. b.It descr
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Answer:

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2 years ago
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