The Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the month, by the year, or two years in advance. In December 2014, the company collected the following amounts applicable to future services:
Assuming Cable TV wants to minimize income reported for 2014, what is the amount of gross income that must be reported for 2014 and how much of the income from these contracts will be reported in 2015?
Definitions:
Etiology
The study of the causes or origins of diseases or conditions.
Schizophrenia
A complex psychiatric disorder involving chronic or recurrent psychosis, characterized by disturbances in thought, perception, affect, and behavior.
Excess Dopamine
An above-normal level of dopamine, a neurotransmitter in the brain, which can lead to various psychological and physical issues, including disorders of motivation and movement.
Personality Disorders
Mental disorders characterized by enduring maladaptive patterns of behavior, cognition, and inner experience.
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