Maxwell Plumbing Services earned $500 by completing a job for Smith Company. The $500 earned by Maxwell Plumbing Services is its ________.

Question

Quizplus · Accepted Answer

Revenue is the income earned by a company for providing goods or services. In this case, Maxwell Plumbing Services earned $500 by completing a job, which is considered as revenue. Equity refers to the value of the assets minus liabilities, gain is an increase in value, and debt is an amount owed to others. None of these terms apply in this scenario.

Maxwell Plumbing Services Earned $500 by Completing a Job for Smith