Solved: Lane included the entire 90000 in its 2010 income tax, Accounting Basics

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Lane included the entire 90000 in its 2010 income tax

Question - In November and December 2010, Lane Co., a newly organized magazine publisher, received $90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2011 issue. Lane included the entire $90,000 in its 2010 income tax return. What amount should Lane report in its 2010 income statement for subscriptions revenue?

$0.

$5,000.

$30,000.

$90,000.

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Accounting Basics: Lane included the entire 90000 in its 2010 income tax

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Accounting Basics: Lane included the entire 90000 in its 2010 income tax

Reference No:- TGS02573552

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