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Orange apartments should report as gross income

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Reference no: EM131715420

Question - Orange Apartments, an accrual basis taxpayer, allows its renters to pay by the year in advance ($500 per year), or two years in advance ($950). In September 2016, the company collected the following amounts applicable to future services:

October 2016-September 2018 services (two-year contracts)

$144,000

October 2016-September 2017 services (one-year contracts)

128,000

Total

$272,000

As a result of the above, Orange Apartments should report as gross income:

a. $128,000 in 2016.

b. $222,000 in 2017

c. $168,000 in 2017.

d. $272,000 in 2016.

e. None of these choices are correct.

Reference no: EM131715420

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