Question
During 2011, New Company earned service revenues amounting to $200,000, of which $120,000 were collected in cash; the balance will be collected in January 2012.
During 2011, New Company earned service revenues amounting to $200,000, of which
$120,000 were collected in cash; the balance will be collected in January 2012. The 2011
income statement of the company should report which of the following amounts for service
revenues?
A) $ 80,000
B) $120,000
C) $200,000
D) $320,000
E) None of the above is correct.
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Fundamental Accounting Principles Volume 1
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
15th Canadian Edition
1259259803, 978-1259259807
