On January 1, 2017, an Accrual Basis Taxpayer Entered into a Contract

question 67

True/False

On January 1, 2017, an accrual basis taxpayer entered into a contract to provide termite inspection service each month for 36 months. The amount received for the contract was $2,400. The taxpayer should report $1,600 of income in 2018.

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Definitions:

Color Combination

The practice of pairing or grouping colors together based on aesthetics, functionality, or psychological effects.

Animation Use

The application of animated visuals to convey information, tell stories, or engage audiences.

Knowledgeable

Having a deep understanding or awareness about a specific subject or field.

Presentation Design

The process of planning, implementing, and coordinating every aspect of a visual presentation, typically for delivering information or persuasion.