Business, 26.03.2020 19:14 tiffanibell71
In October of year 0, Janine received a $17,680 payment from a client for 34 months of security services she will provide starting on November 1 of year 0. This amounts to $520 per month. Janine is a calendar-year taxpayer.
a. When must Janine recognize the income from the $17,680 advance payment for services if she uses the cash method of accounting?
b. When must Janine recognize the income from the $17,680 advance payment for services if she uses the accrual method of accounting?
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In October of year 0, Janine received a $17,680 payment from a client for 34 months of security serv...
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