On January 1,2016,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 2017.

Name: On January 1,2016,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 2017.
Brand: Quizplus
Rating: 4.8 (22 reviews)

Question

Quizplus · Accepted Answer

The Answer is True

On January 1,2016,an Accrual Basis Taxpayer Entered into a Contract