Ms. clara crayola a teacher received a cash award of 5000, Ask an Expert

Accounting

Ms. Clara Crayola, a teacher, received a cash award of $5,000 from the Chamber of Commerce in recognition of her past accomplishments in the field of education. She was chosen without action on her part and is not expected to perform any future services. The $5,000 award is the same as any other prize and must be reported by Clara as income this year?

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Accounting Basics, Accounting

Category:- Accounting Basics
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