Which of the following statements is TRUE about the activities for Maverick Law Firm for 2013?
A)If Accounts receivable prior to February 1,2013 was $25,000,the amount of Accounts Receivable to be reported on the Balance Sheet at December 31,2013 will be $24,000.
B)The $2,000 received from clients for law services to be performed next year will be reported as revenue on the Income Statement this year since cash was received.
C)The $4,000 billed to clients for services rendered this year and unpaid as of December 31 will be reported on the Balance Sheet at December 31 as Accounts Payable.
D)The $5,000 received this year from clients in payment of their accounts will be reported on the Income Statement of 2013 as Revenue.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is TRUE about the activities for Maverick Law Firm for 2013?
A)If Accounts receivable prior to February 1,2013 was $25,000,the amount of Accounts Receivable to be reported on the Balance Sheet at December 31,2013 will be $24,000.
B)The $2,000 received from clients for law services to be performed next year will be reported as revenue on the Income Statement this year since cash was received.
C)The $4,000 billed to clients for services rendered this year and unpaid as of December 31 will be reported on the Balance Sheet at December 31 as Accounts Payable.
D)The $5,000 received this year from clients in payment of their accounts will be reported on the Income Statement of 2013 as Revenue.

Which of the Following Statements Is TRUE About the Activities