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Compute ted gross income

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Question - Ted works as a painter for local businesses on weekends, and he often provides services in exchange for property. In 2018, Ted provided painting services in exchange for $1,275 of car repair services, $3,570 of groceries, and a certificate of deposit (CD) for $4,050. The (CD) matures next year with interest. Finally, Ted received a gift card that can only be applied for $850 of clothing at a local mall. Ted has only applied the gift card to purchase $100 of clothing. Compute Ted's 2018 gross income assuming that he uses the cash basis of accounting.

Reference no: EM132445904

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