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Fish Inc paid $65,000 to Electro on December 20th, 2016 for the development, testing and implementation of a software. Electro will begin work on the

Fish Inc paid $65,000 to Electro on December 20th, 2016 for the development, testing and implementation of a software. Electro will begin work on the software in the new year and ensure that the software is implemented by the end of February 2017 as stipulated in the contract between the 2 parties. On December 31st, Electro prepares their financial statements. Which of the following financial statements will be affected by this transaction? a) Income Statement, Balance Sheet and Cash Flow b) Income Statement and Cash Flow c) Balance Sheet and Cash Flow d) Cash Flow statement only
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implementation of a software. Electro will begin work on the software in the new year and ensure that the software is implemented by the end of February 2017 as stipulated in the contract between the 2 parties. On December 31st, Electro prepares their financial statements. Which of the following financial statements will be affected by this transaction? a) Income Statement, Balance Sheet and Cash Flow b) Income Statement and Cash Flow c) Balance Sheet and Cash Flow d) Cash Flow statement only

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