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Basil Company, a cash-basis taxpayer, had the following activity during 2013: Sales in 2013, uncollected $ 40,000 Sales in 2013, collected 1,000,000 Total sales in

Basil Company, a cash-basis taxpayer, had the following activity during 2013: Sales in 2013, uncollected $ 40,000 Sales in 2013, collected 1,000,000 Total sales in 2013 1,040,000 Collections on 2012 bad debt 50,000

What is the correct amount of income to be reported for 2013?

A. $1,040,000 B. $1,000,000 C. $1,050,000 D. $1,090,000

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