Business, 19.10.2019 01:30, zebragal

Orange cable tv company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($600 per year), or two years in advance ($960). in september 2018, the company collected the following amounts applicable to future services: october 2018-september 2020 services (200 two-year contracts) $192,000 october 2018-september 2019 services (200 one-year contracts) 120,000 total $312,000 as a result of the above, orange cable should report as gross income for 2019: $54,000 $78,000 $258,000 $312.000

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Orange cable tv company, an accrual basis taxpayer, allows its customers to pay by the year in advan...