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The following account balances are taken from the December 31, 2020, financial statements of ABZ Advertising Company. The company uses accrual basis accounting Advertising
The following account balances are taken from the December 31, 2020, financial statements of ABZ Advertising Company. The company uses accrual basis accounting Advertising Revenue Cash Accounts Receivable. $ 48,228 42,923 7,471 Interest Expense 2,332 Accounts Payable: 5,070 Operating Expenses 39,065 Deferred Revenue 1,220 Equipment 18,809 Income Tax Expense 2,411 The following activities occurred in 2021 1. Performed advertising services on account, $57,050. 2. Received cash payments on account, $10,800 3. Received deposits from customers for advertising services to be performed in 2022. $2,800 4. Made payments to suppliers on account, $5.070 5. Incurred $46,700 of operating expenses: $40,500 was paid in cash and $6,200 was on account and unpaid as of the end of the year. What is the amount of revenue that will be reported on the income statement for the year ended December 31, 2021?
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