Alex is a calendar-year sole proprietor. He began business on December 1, this year. He uses the accrual method of accounting. Alex had the following collections in December:• Collected $7,000 in December, from clients who paid cash for services to be performed next year.• Collected $5,000 in December, for services performed during December; deposited in an operating account on December 31, this year.• Collected $12,000 in December; on accounts receivable for services performed in December; deposited in operating account on January 2, next year.What is the amount Alex must include in his income for December?
A. $24,000
B. $7,000
C. $12,000
D. $17,000
Answer: D
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