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 from its primary operations, such as the sale of goods or services. In this case, Maxwell Plumbing Services earned $500 by completing a job, which is considered revenue. Expense refers to the costs incurred by a company to generate revenue, while gain refers to an increase in the value of an asset or a decrease in the amount of a liability. Debt refers to money owed by a company to creditors.

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