Compare and contrast realization of income with recognition, Taxation

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Compare and contrast realization of income with recognition

1. Compare and contrast realization of income with recognition of income.

2. Tim is a plumber who joined a barter club. This year Tim exchanges plumbing services for a new roof. The roof is properly valued at $2,500, but Tim would have only billed $2,200 for the plumbing services. What amount of income should Tim recognize on the exchange of his services for a roof? Would your answer change if Tim would have normally billed $3,000 for his services?

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Taxation: Compare and contrast realization of income with recognition

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Taxation: Compare and contrast realization of income with recognition

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