Style Monthly magazine reported $650,000 of revenue for the month.At the beginning of the month,its unearned revenue accountUnearned Revenue account had a balance of $190,000.At the end of the month,the account had a balance at $156,000.Based on this information,what is the amount of cash received from revenuecustomers?

Question

Quizplus · Accepted Answer

Beginning balance + Cash received from customers - Revenue recognized = Ending balance
$190,000 + Cash received from customers - $650,000 = $156,000
Cash inflow from customers = $156,000 - $190,000 + $650,000 = $616,000

Style Monthly Magazine Reported $650,000 of Revenue for the Month