Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Aug 2017 My Price 4.00

Chaya Corporation,

21.  In 2015, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $25,000. The clients signed notes receivable to Chaya that have a fair market value of $22,000 at year-end. In addition, Chaya sold a

36-month service contract on June 1, 2015, and received payment in full of $12,000.

How much income does Chaya report from these transactions in 2015?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 09:08 PM My Price 4.00

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