In November and December 2020, Waterway Industries, a newly organized magazine publisher, received $78600 for 1,000 three-year subscriptions at $23 per year, starting with the January 2021 issue. Waterway included the entire $78600 in its 2020 income tax return. What amount should Waterway report in its 2020 income statement for subscriptions revenue? $0. $78600. $4366. $26200.

In November and December 2020, Waterway Industries, a newly organized magazine publisher, received $78600 for 1,000 three-year subscriptions at $23 per year, starting with the January 2021 issue. Waterway included the entire $78600 in its 2020 income tax return. What amount should Waterway report in its 2020 income statement for subscriptions revenue? $0. $78600. $4366. $26200.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 48P

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