In 2019, 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, 2019, and received payment in full of $12,000. How much income does Chaya report from these transactions in 2016? Round any division to four decimal places. If required, round your final answer to the nearest dollar.

$27,333

Explanation:

Data:

Amount earned = $25,000

Amount received = $12,000

Using accrual method of accounting, income and expenses are recognized as it is being made or earned irrespective of the amount of cash paid or received.

Fair market value = payment received * 7/36

= $12,000 * 7/ 36

= $2333.333

Chaya reported income = amount earned + fair market value

= $25,000 + $2333.333

= $27,333.

client registration system, resource management system, clinical management system, patient information database, common use-system interface

explanation:

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.