Riley Corporation accepted credit cards for $107,200 of services performed in 2012.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 2012 income statement.
b)the amount of expense that Riley should report on its 2012 income statement.
c)the amount of assets that Riley has at the end of 2012.
d)Riley's cash flows from operating activities for 2012.

Question

Quizplus · Accepted Answer

The Answer of Riley Corporation accepted credit cards for $107,200 of services performed in 2012.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 2012 income statement.
b)the amount of expense that Riley should report on its 2012 income statement.
c)the amount of assets that Riley has at the end of 2012.
d)Riley's cash flows from operating activities for 2012.

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