Laine Services,a Calendar Year Taxpayer,billed a Client for $8,450 of Services

question 53

True/False

Laine Services,a calendar year taxpayer,billed a client for $8,450 of services on November 30,2019,and received a check in full payment from the client on January 12,2020.If Poole is an accrual basis taxpayer,it reports $8,450 taxable income in 2019.