Galaxy cable tv company, an accrual basis taxpayer, allows its customers to pay by the year...
Galaxy cable tv company, an accrual basis taxpayer, allows its customers to pay by the year iin advance ($350 per year), or two years in advance ($680). In june 2019, the company collected the following amounts applicable to future services:
July 2019-June 2021 services (2 year contracts): $200,000
July2019-2020 services ( one year contracts) 80,000
Total= $28,000
As a result of the above, how much should Galxay cable report as gross income:
A: in 2019?
B: in 2020?
C: in 2021?
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Galaxy cable tv company, an accrual basis taxpayer, allows its
customers to pay by the year...
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Ontime Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($350 per year), or two years in advance ($680). In June 2013, the company collected the following amounts applicable to future services: July 2013-June 2015 services (two-year contracts) $68,000 July 2013-June 2014 services (one-year contracts) $70,000 Total $138,0000 How much income must Ontime report in: 2013 2014 2015
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Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year...
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Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect...
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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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