What is total revenue for the period in which: (i)credit sales are $100 000 of which $30 000 was received at year-end; (ii)$10 000 cash was received from customers for work done in the previous year; (iii)$12 000 was received from customers for work to be done in the next accounting period?
A) $30 000.
B) $100 000.
C) $110 000.
D) $112 000.

Question

Quizplus · Accepted Answer

Total revenue for the period includes all credit sales made during the period, regardless of when the cash is received. Therefore, the total revenue is $100,000 from credit sales. Cash received for work done in the previous year or for work to be done in the next accounting period does not affect the current period's revenue.

What Is Total Revenue for the Period in Which: (I)credit