Question 1 An Illinois consulting firm had accounts receivable of $70,000 on December 31, 2015. During year 2016, the consulting firm collected $30,000 in fees from its clients. On December 31, 2016, it had accounts receivable of $100,000. On an accrual basis, what was the consulting firm's revenue for the year 2016? 1 point $130,000 $40,000 $100,000 $60,000