Question
Tax Drill - Revenue Procedure 2004-34 Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-month, and 24-month contracts. The corporation provides
Tax Drill - Revenue Procedure 2004-34
Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-month, and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2022, Bigham sold the following customer contracts:
Length of contract Total Proceeds 12 months $14,000 24 months $24,000
Determine the income to be recognized in 2022 and 2023
12 month 2022 Income:
12 month 2033 Income:
24 month 2022 Income:
24 month 2023 income:
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Uniform Administrative Requirements Cost Principles And Audit Requirements For Federal Awards A Handbook For Institutions Of Higher Education And State And Local Governments
Authors: Andrew Shepard-Smith
1st Edition
1505298482, 978-1505298482
