In: Accounting
Gross receipts on Schedule C can include which of the following?
Select one:
a. Cash or checks received
b. Form 1099-NEC
c. Form 1099-K
d. All of these
e. None of these
The option (d) is right option.
Explanation:
Schedule C is used to report income or loss from the business activity by a sole proprietor. All business activity for income or profit is included in this schedule i.e. either through cash or checks that have been received. Also Schedule C is used to report certain amounts shown on Form 1099- NEC, form 1099 K.
Hence, it includes all of the above options.
The option (d) is right option.