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. Lyco Company is a service firm. The company showed the following activities for the current month: Provided services for a client who will pay
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Lyco Company is a service firm. The company showed the following activities
for the current month:
Provided services for a client who will pay $82,000 next month.
Provided services for a client and received $30,000 cash.
Received a $10,000 advance payment for services to be provided next
month.
Used $7,000 of office supplies to provide services.
Employees were owed $25,000 for work performed in the current month.
What is the accrual basis income for the current month?
A)$90,000
B)$80,000
C)$72,000
D)$23,000
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