On January 1, 2019, an Accrual Basis Taxpayer Entered into a Contract

question 8

True/False

On January 1, 2019, an accrual basis taxpayer entered into a contract to provide termite inspection service each month for 24 months.The amount received for the contract was $2,400.The taxpayer reported $1,200 as income on its financial statement for 2019, and should do the same for its tax return.

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Definitions:

Companionate Love

A deep and enduring form of love characterized by emotional intimacy and commitment rather than passion.

Passionate Love

A deep, intense feeling of attraction and desire in a romantic relationship.

Sustaining Relationships

The processes and actions involved in maintaining and enhancing close personal connections over time.

Passionate Love

An intense emotional and romantic attachment to a partner, characterized by feelings of euphoria and longing.