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Reiki, Incorporated is a calendar year corporation. On December 1 2 , Reiki billed a client $ 1 7 , 8 0 0 for services
Reiki, Incorporated is a calendar year corporation. On December Reiki billed a client $ for services rendered during October and November. It had not received payment by December On December Reiki received a $ check from a tenant that leases office space from the corporation. The payment was for next years January and February rent.
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If Reiki is a cash basis taxpayer, how much income should it recognize from the given transactions this year?
If Reiki is an accrual basis taxpayer, how much income should it recognize from the given transactions this year?
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