Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local organizations. He recorded the following receipts this year. Indicate the extent to which these payments are taxable income to Jeremy this year if Jeremy is (1) a cash-method taxpayer and (2) an accrual-method taxpayer. (Leave no answers blank. Enter zero if applicable.)

a. $2,300 deposit from the Ladies Club, which wants to lease a trailer. The club will receive the entire deposit back when the trailer is returned undamaged.

Income under cash method =

Income under accrual method =

b. $1,080 from the Ladies Club for leasing the trailer from December of this year through March of next year ($270 per month).

Income under cash method =

Income under accrual method =

c. $395 lease payment received from the Mens Club this year for renting Jeremys trailer last year. Jeremy billed the club last year, but recently he determined that the Mens Club would never pay him, so he was surprised when he received the check.

Income under cash method =

Income under accrual method =