The following data pertains to the sales and collections made by EJH corporation, a cash basis taxpayer, during 2007:
Sales Uncollected $ 32,500
Sales Collected $1,000,000
Total Sales - 2007 $1,032,500
CoIIections of bad debt for 2006 $15,200
What is the income to be reported for the CY?
Correct Answer:
$1,015,200
Explanation:
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