Orange Cable TV Company,an accrual basis taxpayer,allows its customers to pay by the year in advance ($500 per year),or two years in advance ($950).In September 2017,the company collected the following amounts applicable to future services:
As a result of the above,Orange Cable should report as gross income:

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The Answer of Orange Cable TV Company,an accrual basis taxpayer,allows its customers to pay by the year in advance ($500 per year),or two years in advance ($950).In September 2017,the company collected the following amounts applicable to future services:
As a result of the above,Orange Cable should report as gross income:

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