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Javier operates a consulting business and uses the cash method of accounting for tax reporting. This tax year, Javier provided consulting services for which he
Javier operates a consulting business and uses the cash method of accounting for tax reporting.
This tax year, Javier provided consulting services for which he billed $ Of the $ Javier received payment of $ for the services provided this tax year, and the remaining amount remains outstanding.
In addition, this year Javier received payment of $ for services provided last tax year and a prepayment of $ for services to be rendered next tax year.
For tax purposes, what amount of income does Javier report in the current tax year?
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