Camp Consulting Services started business on January 1,2014.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 2014? Income Statement Statement of Cash Flows

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Under the accrual basis, revenue is recognized when earned, not when cash is received. Therefore, the income statement would show $100,000 in revenue. The statement of cash flows would show $60,000, which is the cash actually collected.

Camp Consulting Services Started Business on January 1,2014