Kate is an accrual basis, calendar-year taxpayer. On November 1, 2018, Kate leased out a building for $4,500 a month. On that day Kate received 7 months rental income on the building, a total of $31,500 ($4,500 * 7 months).
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During the second quarter of the year, Wallace Enterprises received $30,000 from customers in exchange for providing electronic components. During the same time, supplies were $5,000, interest expenses were $1,000, and wages were $15,000.
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