Answered

Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Our Q&A platform offers a seamless experience for finding reliable answers from experts in various disciplines. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

During 2016, Sigma Company earned service revenue amounting to $900,000, of which $695,000 was collected in cash; the balance will be collected in January 2017. Also in 2016 there were collections of cash prior to the delivery of goods/services totaling $8,200. What amount should the 2016 income statement report for service revenues

Sagot :

abiolataiwo2015

Answer:

$900,000

Explanation:

Based on the information given we were told that During the year 2016, the Company earned service revenue that was amounting to the amount of $900,000 which means that the amount that the year 2016 income statement should report for service revenues is the amount of $900,000 which was the service revenue that was earned by the company in year 2016.

Therefore the amount 2016 income statement

should report for service revenues will be $900,000.

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.