Pizza Cabe TV bl oaONNONs an accrual basis taxpayer. It permits its customers to pay one...
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Pizza Cabe TV bl oaONNĐONs an accrual basis taxpayer. It permits its customers to pay one year in advance for $576 per year or two years in advance for $936 per year. In September 2021, Domino collected the following amounts applicable to future services: October 2021 - September 2023 services (150 two-year contracts) $140,400 October 2021 - September 2022 services (180 one-year contracts) Total 103.680 $244,080 pizzab As a result of the above, calculate gross income for 2022 (the year following receipt). You do not need to include the dollar sign, commas, or cents in your answer. Pizza Cabe TV bl oaONNĐONs an accrual basis taxpayer. It permits its customers to pay one year in advance for $576 per year or two years in advance for $936 per year. In September 2021, Domino collected the following amounts applicable to future services: October 2021 - September 2023 services (150 two-year contracts) $140,400 October 2021 - September 2022 services (180 one-year contracts) Total 103.680 $244,080 pizzab As a result of the above, calculate gross income for 2022 (the year following receipt). You do not need to include the dollar sign, commas, or cents in your answer.
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ANSWERAccrual basis taxpayer means when the assessee earned ... View the full answer
Related Book For
Concepts in Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
Posted Date:
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