During 2010,Sigma Company earned service revenues amounting to $700,000,of which $630,000 was collected in cash; the balance will be collected in January 2011.What amount should the 2010 income statement report for service revenues?
A)$630,000
B)$700,000
C)$70,000
D)$570,000

Question

Quizplus · Accepted Answer

$700,000 of service revenue was earned during 2010; therefore that amount should be recorded on the income statement.

During 2010,Sigma Company Earned Service Revenues Amounting to $700,000,of Which