Bill operates a proprietorship using the cash method of accounting, and this year he received the following:

• $120 in cash from a customer for services rendered this year
• a promise from a customer to pay $196 for services rendered this year
• tickets to a football game worth $240 as payment for services performed last year
• a check for $174 for services rendered this year that Bill forgot to cash

How much income should Bill realize on Schedule C?

Multiple Choice

$120

$316

$360

$294

$534