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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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In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.

The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.

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2 years ago
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If the<u> demand curve is inelastic</u>, a rise in the supply of grain will result in a decrease in the overall income received by grain producers.

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1 year ago
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Answer:

The correct answer is option B.

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Hey there!

<span>Which of the following is NOT one of the mentioned ways high school differs from higher learning?

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