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USPshnik [31]
3 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]3 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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makkiz [27]

Answer: b. Current value

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It would therefore be best to use the current values of the long-term assets as this would take into account various factors such as inflation. This would ensure that the values being used at the time to compare are reflective of the economic situations on ground.

5 0
3 years ago
According to the article, what should you do if you suspect your boss of unethical business practices?
nlexa [21]

Answer:

Look deeper into it

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Depending on the situation, Consider the reasons for the practice. Does it affect you or your pay? Does it affect the safety of others, yourself or even your boss? If so try and have a conversation about the practice with your boss. If things go down hill from there in the conversation, contact someone who can fix the issue or quit.

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Read 2 more answers
Guiding the actions of the affected party in a way that helps encourage compliance is the principal objective in which element o
Radda [10]

Guiding the actions of the affected party in a way that helps encourage compliance is the principal objective in which element of the Curbside Manner model

<h3>What is Curbside Manner model?</h3>

This first responder training module teaches "curbside manner," a set of tried-and-true principles and actions that assist first responders in assisting civilians in crisis by ensuring their safety, understanding their individual needs, meeting those needs, and promoting the connectedness and self-efficacy required for recovery.

The Golden Rule is the most fundamental principle of Curbside Manner: Treat others as you would like to be treated.

These elements are: (1) regaining a sense of safety, or cover; (2) restoring calm in order to reduce intense physiological arousal and negative emotions; (3) feeling connected to sources of social support; and (4) increasing a sense of self-efficacy, which means feeling competent to deal with stressful situations.

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5 0
2 years ago
Removal for cause is a device used to prevent a prospective juror who is biased from serving on a case. true or false
olasank [31]

Answer:

True

Explanation:

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