Question

In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee

Answer 1

Answer:

$62,000

Step-by-step explanation:

Given the following :

Amount billed for services performed = $62,000

Bulled amount collected = $51,000

Operating expenses incurred = $39,000

Account payable = $31000

Cash from issue of common stock = $40,000

Cash invested on land purchase = $21,000

Amount of revenue to be reported in income statement : will be the total amount earned from the goods sales and services rendered. Hence, since the billing Given by Lee for the services rendered in Year 1 is reported as $62,000, Hence the amount of revenue to be reported in the income statement will be $62,000