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
