Business, 28.02.2021 17:00, landonp101

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 2020, the company collected the following amounts applicable to future services: October 2020-September 2022 services (200 two-year contracts) $192,000
October 2020-September 2021 services (200 one-year contracts) 120,000
Total $312,000

As a result of this, Orange Cable should report as gross income for 2021, the year following receipt:

a. $54,000
b. $78,000
c. $258,000
d. $312.000

Answers: 3

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Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in advan...