FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ruby Diaz is a commissioned salesperson. She is a cash-method taxpayer. At the end of 2022 , her earnings for the year were $75,000. During

image text in transcribed

Ruby Diaz is a commissioned salesperson. She is a cash-method taxpayer. At the end of 2022 , her earnings for the year were $75,000. During the year, she also received $10,000 in advances on future commissions and repaid $8,000. How much income should Ruby report for 2022 ? $75,000 $77,000 $87,000 $85,000

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

Step: 3

blur-text-image

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

At Least Know This CPA Review 2021 Financial Accounting And Reporting

At Least Know This CPA Review 2021 Financial Accounting And Reporting

Authors: At Least Know This

1st Edition

979-8533826730

More Books

Students also viewed these Accounting questions

Question

★★★★★
The fundamental observation underlying the Big Bang theory of cosmology is Edwin Hubbies 1929 discovery that the arrangement of galaxies throughout space is expanding. Like the photons of the cosmic...

Answered: 1 week ago

Question

★★★★★
5. Do you think that the digital supply chain means different things for different companies depending on what industry they are in, what segments they serve, what channels they address, and how...

Answered: 1 week ago

Question

★★★★★
=+2. How does the proportion of intervals constructed that include p 5 .3, the population proportion, compare to 95%? Is this proportion closer to 95% than was the case for the large-sample z...

Answered: 1 week ago

Question

★★★★★
At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information: During June, two more jobs (46 and 47) were started. The following...

Answered: 1 week ago

Question

★★★★★
Ruby Diaz is a commissioned salesperson. She is a cash-method taxpayer. At the end of 2022 , her earnings for the year were $75,000. During the year, she also received $10,000 in advances on future...

Answered: 1 week ago

Question

★★★★★
Survey of Economics (ECON 1101) Exercise 5 Last Name:___________________________ First Name:_____________________ Answer the following questions in the space provided. 1) In your own words, what is...

Answered: 1 week ago

Question

★★★★★
1. Describe the main purpose of demand forecasting. 2. Explain the different types of forecasting. 3. List out the steps involved in forecasting? 4. Discuss the time series analysis?

Answered: 1 week ago

Question

★★★★★
1. Review existing strategies implemented at Volvo for Green Building and Energy Technology. (1 point and explanation) 2. Share findings on adequacy, sufficiency, and appropriateness (1 point and...

Answered: 1 week ago

Question

★★★★★
You have been hired as a Restaurant Manager for a new restaurant in downtown Toronto. The owner, Mr. McDavid, has come to you with a request to incorporate sustainability within the business, both...

Answered: 1 week ago

Question

★★★★★
1. Discuss the seven factors that should be addressed when making the business case for a new Information System. There are seven factors that should be addressed when making the business case for a...

Answered: 1 week ago

Question

★★★★★
What condition could cause a properly installed and maintained hood system to fail to control a fire? Use of blow of caps on nozzles Installation of a pre-engineered system A buildup of grease in the...

Answered: 1 week ago

Question

★★★★★
Distinguish between primary and secondary information sources. Give an example of each. (Objective 3)

Answered: 1 week ago

Question

★★★★★
Mary Lous Family Cooking has been operating for 25 years. Several chain restaurants have moved into the area resulting in a highly competitive market.Mary Lous currently owes an $18,750 balance for...

Answered: 1 week ago

Question

★★★★★
While working as part of a research team, one of your coworkers tells you that failing to cite sources doesnt constitute plagiarism if youre writing an internal report. Do you agree or disagree? Why?...

Answered: 1 week ago

Previous Question Next Question