Is Income received in advance a liability or asset?
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Is Income received in advance taxable?
It will be taxed in the period Jan-Dec 20×2, as it belongs to January 20×2. No, in cash basis accounting revenue is reported only after it has been received. As well, expenses in cash basis accounting are recorded only when they are paid. The proceeds…
Computer & table
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Rig it up!
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Not so complicated title
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The photograph
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The first dance
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New flowers are here!
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