Multiple Choice
During its first year of business,Mega,Inc.earned revenues of $400,000,of which it collected only $310,000 in cash.Which of the following statements is CORRECT?
A) The income statement will show Cash collected from customers of $310,000.
B) The balance sheet will show Accounts receivable of $310,000.
C) The income statement will show Revenues of $310,000.
D) The income statement will show Revenues of $400,000.
Correct Answer:
Verified
Correct Answer:
Verified
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