Ask Question
30 June, 13:32

A company has the following accrual-basis balances at the end of its first year of operation: Un-earned consulting fees $ 2,000, Consulting fees receivable 3,500, Consulting fee revenue 25,000. The company's cash-basis consulting revenue is what amount?

A. $30,500.

B. $19,500.

C. $26,500.

D. $23,500.

+1
Answers (1)
  1. 30 June, 13:49
    0
    D. $23,500.

    Explanation:

    Company's cash-basis consulting revenue

    = Consulting fee revenue - Consulting fees receivable + Unearned consulting fees

    = $25,000 - $3,500 + $2,000

    = $23,500

    Therefore, The company's cash-basis consulting revenue is $23,500.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A company has the following accrual-basis balances at the end of its first year of operation: Un-earned consulting fees $ 2,000, Consulting ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers