Camp Consulting Services started business on January 1, 2016.Camp performed services for customers totaling $100,000 of which 40% remain uncollected at the end of December.Under the accrual basis, what amounts would appear on Camp Consulting's financial statements for 2016? $$\begin{array}{l}
&\text {Income Statement }&\text { Statement of Cash Flows}\
\hline a.&(\$100,000)&(\$60,000)\
b.&(\$100,000)&(\$100,000)\
c.&(\$60,000)&(\$60,000)\
d.&(\$60,000)&(\$100,000)\
\end{array}$$

Question

Camp Consulting Services started business on January 1, 2016.Camp performed services for customers totaling $100,000 of which 40% remain uncollected at the end of December.Under the accrual basis, what amounts would appear on Camp Consulting's financial statements for 2016? $$\begin{array}{l}
&\text {Income Statement }&\text { Statement of Cash Flows}\
\hline a.&(\$100,000)&(\$60,000)\
b.&(\$100,000)&(\$100,000)\
c.&(\$60,000)&(\$60,000)\
d.&(\$60,000)&(\$100,000)\
\end{array}$$
 ​

Quizplus · Accepted Answer

The Answer of Camp Consulting Services started business on January 1, 2016.Camp performed services for customers totaling $100,000 of which 40% remain uncollected at the end of December.Under the accrual basis, what amounts would appear on Camp Consulting's financial statements for 2016? $$\begin{array}{l}
&\text {Income Statement }&\text { Statement of Cash Flows}\
\hline a.&(\$100,000)&(\$60,000)\
b.&(\$100,000)&(\$100,000)\
c.&(\$60,000)&(\$60,000)\
d.&(\$60,000)&(\$100,000)\
\end{array}$$
 ​

Camp Consulting Services Started Business on January 1, 2016 ​

Camp Consulting Services Started Business on January 1, 2016