Multiple Choice
During 2019,Ocean Consulting had the following transactions with it clients (customers) : On February 1,2019,the company received cash of $10,000 from clients in payment of their account balances as of December 31,2018.
On November 1,2019,the company received $4,000 cash as payments in advance for services to be performed in 2020.
The company received a total of $26,000 in cash for services that were performed during 2019.
The company sent bills totaling $8,000 to clients for services performed during 2019;this amount was unpaid as December 31,2019.
What is the amount of Service Revenue that will be reported on the income statement for the year 2019?
A) $38,000.
B) $44,000.
C) $48,000.
D) $34,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q8: In an expanded accounting equation,revenues and expenses
Q9: During April,Ballarat,Inc.earned $1,680,of which $1,200 was collected,and
Q10: A net loss results when:<br>A)assets are greater
Q11: Match the term and the explanation.There are
Q12: Murphy,Inc.paid $9,600 cash for insurance in June
Q14: On July 15,Monk,Inc.received a $820 bill for
Q15: The primary source of revenues and expenses
Q16: In general,the lower a company's net profit
Q17: The prepayment of rent for the next
Q18: The financial statement that reports revenues and