Joyce rescho is self-employed and uses the calendar year, Ask an Expert

Accounting

Joyce Rescho is self-employed and uses the calendar year and the accrual method of accounting. She reports the following activities for December:

Received $10,000 from clients for services to be performed next year
Received $30,000 for services performed in December
Reports $15,000 in accounts receivable for work performed in December
Received $2,000 for services performed in November

What amount must Rescho include in gross income for December?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9407012

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