Prestige Services Inc. provides consulting services and recognizes revenue when services are performed. In April, Prestige Services completed a project for a client and invoiced them for $15,000. The client paid $8,000 upfront and will pay the remaining balance within 60 days. Calculate the revenue Prestige Services can recognize in April and analyze the impact of the payment terms on their financial statements.

Calculate the revenue Prestige Services can recognize in April and analyze the impact of payment terms on their financial statements.