Ask Question
BusinessBusiness
20 July, 11:28

Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the year, accounts receivable were $15,000. What was Mosh's gross taxable income for the current year? a. $110,000b. $100,000c. $90,000d. $75,000

+5
Answers (1)
  1. 20 July, 13:39
    0
    b. $100,000

    Explanation:

    Provided information

    Beginning balance of account receivable = $25,000

    Collection from customers = $100,000

    Ending balance of account receivable = $15,000

    Since we have to find out the gross taxable income, so we considered only the collection from customers as this is the amount which is received and therefore, it has come under the gross taxable income i. e $100,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were $25,000. During ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Social media is which of the following? A. sc ashley_4eves B. ig ashy_babyy and _ashley. rp_ C. tiktok ashyy_p25 D. all of the above!
Answers (2)
Which of the following statements regarding the date of a cash dividend declaration is not accurate? a. The dividend can be rescinded once it has been declared. b. The corporation is committed to a legal, binding obligation. c.
Answers (1)
Which of the following ratios are key components in measuring a company's operating efficiency? (You may select more than one answer.
Answers (1)
A business owner ihas offered free lunches if employees work through their lunch hour and has provided a living wage base salary and job security to his employees.
Answers (1)
Why might it be important to get a lower interest rate on a mortgage? a. lower monthly payment c. interest rate is not important b. higher monthly payment d. lower amount of loan needed?
Answers (1)
New Questions in Business
Although Elton Mayo originally intended to collect data for a traditional scientific management study, his breakthrough research led to further research on the kinds of things that drive employees to successfully meet and exceed productivity goals
Answers (1)
If the 10-year Treasury bond rate is 5.3 % , the inflation premium is 2.8 % , and the maturity-risk premium on 10-year Treasury bonds is 0.
Answers (1)
It takes a total of 475 seconds for one technician to assemble one airrules smart phone, working alone.
Answers (1)
You would advise a client that's launching a new product line to advertise on the google display network because she can:
Answers (1)
Which statement is generally TRUE? Private markets overprovide public goods. Private markets underprovide public goods. Private markets provide the socially optimal amount of public good.
Answers (1)
Home » Business » Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the year, accounts receivable were $15,000.
Sign Up Forgot Password?