During 2021, Bycomb Company generated revenues of £300,000 for services rendered of which £70,000 was owing as of December 31, 2021. How much should be reported as service revenues in the 2021 Income Statement?

During 2021, Bycomb Company generated revenues of £300,000 for services rendered of which £70,000 was owing as of December 31, 2021. How much should be reported as service revenues in the 2021 Income Statement?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 3MC

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Question

During 2021, Bycomb Company generated revenues of £300,000 for services rendered
of which £70,000 was owing as of December 31, 2021. How much should be reported
as service revenues in the 2021 Income Statement?
a) £280,000
b) £300,000
c) £320,000
d) £420,000

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