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

Question

Quizplus · Accepted Answer

Revenue refers to the income or earnings generated by a business from its operations. In this case, the $500 earned by Jackson Plumbing Services is its revenue. Equity refers to the residual interest in the assets of the company after deducting liabilities. Gain refers to an increase in assets or a decrease in liabilities that result from an event or transaction outside the company's usual business operations. Debt refers to the amount of money owed by a company to its creditors. None of the other options apply in this scenario.

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