Business, 12.11.2019 05:31, Pandorasbx2657

Orange cable tv company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($500 per year), or two years in advance ($950). in september 2017, the company collected the following amounts applicable to future services: october 2017-september 2019 services (two-year contracts) $144,000october 2017-september 2018 services (one-year contracts) 128,000total $272,000as a result of the above, orange cable should report as gross income: a. $272,000 in 2017.b. $128,000 in 2017.c. $168,000 in 2018.d. $222,000 in 2018.e. none of these.

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