Multiple Choice
A company receives a $50,000 cash deposit from a customer on October 15 but will not deliver the goods until November 20.Which of the following statements is true?
A) Cash will be reported on the statement of cash flows for the month of November.
B) Revenue will be recorded and reported on the income statement for October.
C) A liability will be reported on the balance sheet at the end of October.
D) A prepaid asset will be reported on the balance sheet at the end of October.
Correct Answer:
Verified
Correct Answer:
Verified
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