The following account balances are taken from the December 31, 2015, financial statements of ABZ Advertising Company. The company uses accrual basis accounting.

Advertising revenue	$ 51,218
Cash	45,584
Accounts receivable	7,748
Interest expense	2,392
Accounts payable	5,200
Operating expenses	41,487
Unearned revenue	1,296
Equipment	19,975
Income tax expense	2,561

The following activities occurred in 2016:

1.	Performed advertising services on account, $60,600.
2.	Received cash payments on account, $11,600.
3.	Received deposits from customers for advertising services to be performed in 2017, $3,300.
4.	Made payments to suppliers on account, $5,200.
5.	Incurred $49,600 of operating expenses; $43,000 was paid in cash and $6,600 was on account and unpaid as of the end of the year.

3. value: 2.00 points Required information

What is the balance in the Cash account at December 31, 2016?

$50,512

$51,984

$12,284

$45,584

4. value: 2.00 points Required information

What is the amount of revenue that will be reported on the income statement for the year ended December 31, 2016?

$60,600.

$55,400.

$43,000.

$63,900.

Revenues are recognized when __________, even when cash is collected in a different accounting period than the revenue is earned. cash is collected bills are paid services are performed customers prepay for goods/services Receiving cash from a customer to pay for a previously recorded account receivable will: increase total assets. have no effect on total assets. decrease liabilities. increase stockholder's equity. 13.The entry to record the payment of accounts payable: decreases assets. increases expenses. increases liabilities. increases stockholder's equity.