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Q 5.23: Consumer Services collected $215,000 from customers in 2022. Of the amount collected, $35,000 was for services performed in the prior year. In addition,
Q 5.23: Consumer Services collected $215,000 from customers in 2022. Of the amount collected, $35,000 was for services performed in the prior year. In addition, Consumer Industries performed $50,000 of service! in 2022, which will not be collected in 2023. Consumer also paid $80,000 for expenses in 2022. Of the amount paid, $38,000 was for expenses incurred in 2021. In addition, Consumer incurred $55,000 of expenses in 2022, which will not be paid until 2023. Using the revenue recognition principle, the amount of revenue recognized by Consumer for 2022 is A $180,000. B $230,000. $215,000. D $265,000
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