Besito Company, a calendar year, cash basis taxpayer, leases lawn and garden equipment. During December, it received the following cash payments. To what extent does each payment represent current taxable income to Besito? Required: a. $884 repayment of a loan from an employee. Besito loaned $850 to the employee six months ago, and the employee repaid the loan with interest. b. $950 deposit from a customer who rented mechanical equipment. Besito must return the entire deposit when the customer returns the undamaged equipment. c. $10,700 short-term loan from a local bank. Besito gave the bank a written note to repay the loan in one year at 5 percent interest. d. $814 prepaid rent from the customer described in part (b). The rent is $11 per day for the 74 -day period from December 17 through February 28. For all requirements, leave no cells blank - be certain to enter "0" wherever required 
Other questions asked by students
Biology
Q
How do enzymes increase the rate of biological reactions? Why are enzymes needed? What do we mean...
Medical Sciences
Physics
Basic Math
Accounting
Accounting