During 2021, Gibson Network, Inc., which designs network servers, earned revenues of $720 million. Expenses totaled $500 million. Gibson collected all but $22 million of the revenues and paid $600 million on its expenses. Read the requirements. does ine revenue prninipie neip to answer unis questuons The amount of revenue that should be reported for the year in millions is How does the revenue principle help to answer this question? The revenue principle says to record revenue when it has been_, regardless of when Therefore, the amount of revenue reported is what Gibson Requirement b. Under accrual accounting, what amount of total expense should Gibson report for 2021? Which accounting principle helps to answer this question? The amount of total expense that should be reported for the year in millions is Which accounting principle helps to answer this question? The recognizes expenses in the same period in which any related revenues are Req I cash basis. Explain how the accrual basis differs from the cash Revi Tota Expli The accrual basis measures revenues and expenses while the cash basis measures revenues and expenses Requirement d. Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments? Read the requirements. Requirement a. Under accrual accounting, what amount of revenue should Gibson report for 2021 ? How does the revenue principle help to answer this question? The amount of revenue that should be reported for the year in millions is How does the revenue principle help to answer this question? The revenue principle says to record revenue when it has been , regardless of when Therefore, the amount of revenue reported is what Gibson Requirement b. Under accrual accounting, what amount of total expense should Gibson report for 2021 ? Which accounting principle helps to answer this question? The amount of total expense that should be reported for the year in millions is Which accounting principle helps to answer this question? The recognizes expenses in the same period in which any related revenues are earned. Requirement c. Redo parts a and b using the cash basis. Explain how the accrual basis differs from the cash basis. Revenue in millions = Total expenses in millions = Explain how the accrual basis differs from the cash basis. The accrual basis measures revenues and expenses while the cash basis measures revenues and expenses Requirement d. Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments? The reports revenues and expenses. The reports cash receipts and cash payments. Explain how the accrual basis differs from the cash basis. \begin{tabular}{l|l} The accrual basis measures revenues & and expenses \\ Requirement d. Which financial stater & while the cash basis measures revenues \\ The reports t & penses? Which statement reports cash receipts and cash payments? \end{tabular}