On January 1,2015,an accrual basis taxpayer entered into a contract to provide termite inspection service each month for 36 months.The amount received for the contract was $2,400.The taxpayer should report $1,600 of income in 2016.

Name: On January 1,2015,an accrual basis taxpayer entered into a contract to provide termite inspection service each month for 36 months.The amount received for the contract was $2,400.The taxpayer should report $1,600 of income in 2016.
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The Answer is True

On January 1,2015,an Accrual Basis Taxpayer Entered into a Contract