Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Problem 5-53 Part-b (Algo) b. Paylate Corporation mistakenly wrote the check for $190. Clyde received the remaining $1,260 after year-end. Amount to be included in gross income - _______
Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Problem 5-53 Part-b (Algo) b. Paylate Corporation mistakenly wrote the check for $190. Clyde received the remaining $1,260 after year-end. Amount to be included in gross income - _______
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.
Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
Problem 5-53 Part-b (Algo)
b. Paylate Corporation mistakenly wrote the check for $190. Clyde received the remaining $1,260 after year-end.
Amount to be included in gross income - _______
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