Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2012 in each of the following independent cases: a. A taxpayer completes $500 of accounting services in December 2012 for a client who pays for the accounting work in January 2013.
b. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2012, she rents a computer for a $200 rental fee and receives a $500 deposit. The customer returns the computer and is refunded the deposit on December 20, 2012.
c. Same facts as (b) except that the computer is returned on January 5, 2013.
d. On December 18, 2012, a landlord rents an apartment for $700 per month and collects the first and last months’ rent up front. It is customary that tenants apply the security deposit to their last month’s rent upon moving out.
e. An accountant agrees to perform $500 of tax services for an auto mechanic who has agreed to perform repairs on the car of the wife of the accountant. The mechanic repairs the car in December 2012 and the accountant starts and completes the tax work in March 2013.

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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according to the song of roland, the characteristics of an ideal knight are: loyalty to the king, skilled warriors and horseman, valiant, bold, courageous, strong and proud in battle. they should be determined to fulfil their duties and willing to die to make their people safe.