Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question Help Dela manages real estate and is a cash method taxpayer. She changes to the accrual method in 2020. Dela's business income for 2020

image text in transcribedimage text in transcribed

Question Help Dela manages real estate and is a cash method taxpayer. She changes to the accrual method in 2020. Dela's business income for 2020 is 543,000 computed on the accrual method. Her books show the following Click the icon to view the data) Requirements . What austment is necessary to Dale's income? b. How should Dela report the adjustment? X Requirement a. What adjustment is necessary to Delia's income? (Use parentheses or a minus sign for negative adjustment) The adjustment to Della's income is Requirement b. How should Della report the adjustment? Data Table Dela December 31, December 31, 2019 2020 may elect to include the full amount in the current year Accounts receivable $ may elect to report the adjustment over a period not to exceed ten years 16,000 $ 25,700 Accounts payable must agree to report the full amount in the current year 15.200 14.200 must agree to report the adjustment over a period not to exceed four years Done Print Enter any number in the edt fields and then continue to the next question Type here to search o E - 9:17 AM 11/21/2020 III Question Help Delia manages real estate and is a cash method taxpayer. She changes to the accrual method in 2020 Dolla's Requirements business income for 2020 is 543,000 computed on the accrual muted. Her books show the following Click the icon to view the data) Whatdiment is necessary to Della's income? How should Dela report the adjustment? Requirement a. What adjustment is necessary to Delia's income? (Un parentheses or a minus sign for negative adjustment) Data Table The adjustment to Della's income is Requirement b. How should Dela report the adjustment? December 31. December 31, Delo 2010 Accounts receivable $ 16.000 5 25,700 may elect to include the amount in the current year Accounts payable 15200 14200 may elect to report the adjustment over a period not to exceed ten years must agree to report the full amount in the current year Print Done must agree to report the adjustment over a period not to exceed four years 2000 Enter any number in the edit fields and then continue to the next question - Type here to search 3:44 AM O BE E

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting Volume 1

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood

11th Canadian Edition

0135359708, 9780135359709

More Books

Students also viewed these Accounting questions

Question

What was the influence of the individual experimenter?

Answered: 1 week ago

Question

Explain how information products are "special."

Answered: 1 week ago

Question

Why is it important to match sources and methods of recruitment?

Answered: 1 week ago