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Ontime Cable TV Company, an cash basis taxpayer, allows its customers to pay by the year in advance ($350 per year), or two years in
Ontime Cable TV Company, an cash basis taxpayer, allows its customers to pay by the year in advance ($350 per year), or two years in advance ($680). In June 2013, the company collected the following amounts applicable to future services: July 2013-June 2015 services (two-year contracts) $68,000 July 2013-June 2014 services (one-year contracts) $70,000 Total $138,0000 How much income must Ontime report in: 2013 2014 2015
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