question archive Roma Consultants, a cash-basis partnership with a calendar tax year, signs a contract for a 24-month subscription to an online engineering service, effective as of October 1
Subject:AccountingPrice: Bought3
Roma Consultants, a cash-basis partnership with a calendar tax year, signs a contract for a 24-month subscription to an online engineering service, effective as of October 1. The firm pays the full $12,000 subscription bill on the October 1, 2020 subscription start date. For 2020 the firm can deduct
A) $1,500.
B) $1,000.
C) $6,500.
D) $12,000.