Ontime Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year...
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
Homework Answers
|
year |
First contract (Two -year ) |
Second contract (one -year) |
Total income report in |
|
2013 |
68000/2= 34000per year *6/12 = 17000 |
35000 [70000*6/12] |
52000 |
|
2014 |
34000 |
35000 |
69000 |
|
2015 |
17000 [34000*6/12] |
0 |
17000 |
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