Galaxy cable tv company, an accrual basis taxpayer, allows its customers to pay by the...
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Accounting
Galaxy cable tv company, an accrual basis taxpayer, allows its customers to pay by the year iin advance ($350 per year), or two years in advance ($680). In june 2019, the company collected the following amounts applicable to future services:
July 2019-June 2021 services (2 year contracts): $200,000
July2019-2020 services ( one year contracts) 80,000
Total= $28,000
As a result of the above, how much should Galxay cable report as gross income:
A: in 2019?
B: in 2020?
C: in 2021?
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