Question
Hello. I havea question for number 1 of the document in My Library. Stella is a single taxpayer and operates a self-employed business that provides
Hello. I havea question for number 1 of the document in My Library. Stella is a single taxpayer and operates a self-employed business that provides pet-sitting services. The rest of the paragraph is in the document. The question is: How much gross income should Stella report on her 2018 Schedule C, Line 1? There are 3 amounts: $2,000 (cash received in Jan 2018 for services performed in Dec 2017); $24,750 (cash received in 2018 for services performed in 2018); and $2,250 (cash received in Jan 2019 for services performed in Dec 2018). Cash accounting method ONLY. I put down $24,750 thinking only in the year the income is received. When I checked it is incorrect. Now assuming it is all 3 amounts because all cash received regardless of year. Or the question states Numeric response, is that without a comma and decimal point? Not sure if that was why I got the incorrect answer. If I do not have this number 1 correct then number 6, 7, 8 may end up with wrong answers as well. This is my first day in Course Hero. Thank you for your assistance.
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