Riley Corporation accepted credit cards for $107,200 of services performed in 2014. The credit card company charged a 3% service fee and paid Riley as soon as it received the credit card receipts.
Required:
Based on this information only, determine
a) the amount of revenue that Riley should report on its 2014 income statement.
b) the amount of expense that Riley should report on its 2014 income statement.
c) the amount of assets that Riley has at the end of 2014.
d) Riley's cash flows from operating activities for 2014.

Question

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The Answer of Riley Corporation accepted credit cards for $107,200 of services performed in 2014. The credit card company charged a 3% service fee and paid Riley as soon as it received the credit card receipts.
Required:
Based on this information only, determine
a) the amount of revenue that Riley should report on its 2014 income statement.
b) the amount of expense that Riley should report on its 2014 income statement.
c) the amount of assets that Riley has at the end of 2014.
d) Riley's cash flows from operating activities for 2014.

Riley Corporation Accepted Credit Cards for $107,200 of Services Performed