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How much revenue is included in ciy income tax return

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Reference no: EM132724378

Your accounting firm has just launched a new technical bulletin service for its clients, called Tax Word. Clients pay $150 for a year's subscription to the service, which is a monthly bulletin outlining any tax issues of interest to clients. Clients are free to cancel their subscription at any time, and will receive a refund of the unused portion of their subscription.

  • There are six clients who have signed up and paid for the subscription for the one-year period of 1 June to 31 May the following year.

Problem 1: The firm uses an accruals basis of accounting. How much revenue is included in its CIY income tax return in relation to the subscription monies received?

Option 1: $900
Option 2: $825
Option 3: $74
Option 4: $0

Reference no: EM132724378

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