Question
In December 2016, Buddy rents an apartment to Gary. Buddy receives the first and last months rent of $1,200 plus a security deposit of $500.
In December 2016, Buddy rents an apartment to Gary. Buddy receives the first and last months rent of $1,200 plus a security deposit of $500. How much income does Buddy, a cash basis taxpayer,report in 2016?
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
