The Cable TV Company,an accrual-basis taxpayer,allows its customers to pay by the month,by the year,or two years in advance.In December 2019,the company collected the following amounts applicable to future services:
Jan 2020 services (monthly contracts)$10,000
Dec 2019 - Nov 2020 services (annual contracts)48,000
Dec 2019 - Nov 2021 contracts (2-year contracts)72,000
Assuming Cable TV wants to minimize income reported for 2019,what is the amount of gross income that must be reported for 2019 and how much of the income from these contracts will be reported in 2020?

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The Answer of The Cable TV Company,an accrual-basis taxpayer,allows its customers to pay by the month,by the year,or two years in advance.In December 2019,the company collected the following amounts applicable to future services:
Jan 2020 services (monthly contracts)$10,000
Dec 2019 - Nov 2020 services (annual contracts)48,000
Dec 2019 - Nov 2021 contracts (2-year contracts)72,000
Assuming Cable TV wants to minimize income reported for 2019,what is the amount of gross income that must be reported for 2019 and how much of the income from these contracts will be reported in 2020?

The Cable TV Company,an Accrual-Basis Taxpayer,allows Its Customers to Pay