Question

In: Accounting

Gross receipts on Schedule C can include which of the following? Select one: a. Cash or checks received

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

 

 

Solutions

Expert Solution

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.

Junaid answered 2 years ago
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