The fоllоwing аccоunt bаlаnces are taken from the December 31, 2020, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue $ 51,780 Cash 46,084 Accounts Receivable 7,810 Interest Expense 2,401 Accounts Payable 5,220 Operating Expenses 41,942 Deferred Revenue 1,310 Equipment 20,194 Income Tax Expense 2,589 The following activities occurred in 2021: 1. Performed advertising services on account, $61,250. 2. Received cash payments on account, $11,700. 3. Received deposits from customers for advertising services to be performed in 2022, $3,400. 4. Made payments to suppliers on account, $5,220. 5. Incurred $50,100 of operating expenses; $43,400 was paid in cash and $6,700 was on account and unpaid as of the end of the year. What is the amount of revenue that will be reported on the income statement for the year ended December 31, 2021?
The fоllоwing аccоunt bаlаnces are taken from the December 31, 2020, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue $ 51,780 Cash 46,084 Accounts Receivable 7,810 Interest Expense 2,401 Accounts Payable 5,220 Operating Expenses 41,942 Deferred Revenue 1,310 Equipment 20,194 Income Tax Expense 2,589 The following activities occurred in 2021: 1. Performed advertising services on account, $61,250. 2. Received cash payments on account, $11,700. 3. Received deposits from customers for advertising services to be performed in 2022, $3,400. 4. Made payments to suppliers on account, $5,220. 5. Incurred $50,100 of operating expenses; $43,400 was paid in cash and $6,700 was on account and unpaid as of the end of the year. What is the amount of revenue that will be reported on the income statement for the year ended December 31, 2021?
The fоllоwing аccоunt bаlаnces are taken from the December 31, 2020, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue $ 51,780 Cash 46,084 Accounts Receivable 7,810 Interest Expense 2,401 Accounts Payable 5,220 Operating Expenses 41,942 Deferred Revenue 1,310 Equipment 20,194 Income Tax Expense 2,589 The following activities occurred in 2021: 1. Performed advertising services on account, $61,250. 2. Received cash payments on account, $11,700. 3. Received deposits from customers for advertising services to be performed in 2022, $3,400. 4. Made payments to suppliers on account, $5,220. 5. Incurred $50,100 of operating expenses; $43,400 was paid in cash and $6,700 was on account and unpaid as of the end of the year. What is the amount of revenue that will be reported on the income statement for the year ended December 31, 2021?
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