(Answered) In december year 1 sids body shop an accrual-basis taxpayer

Economics

In December, year 1 Sid's Body Shop (an accrual-basis taxpayer) did repair work on Lisa's car and was to be paid $2,000 by her insurance company. Lisa was not satisfied with the repair job but finally agreed that her insurance company should pay $1,700 for the repair work, subject to approval by the insurance company adjuster. In March, year 2, the insurance company paid $1,700 to Sid's Body Shop.

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Macroeconomics, Economics

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