Cosmos Computer Consulting (CCC) Is Preparing Its Year-End Financial Statements

question 1

Multiple Choice

Cosmos Computer Consulting (CCC) is preparing its year-end financial statements.They completed two projects in the last month: one worth $12,000 that has been invoiced to the customer but has not yet been paid, and one worth $18,000 that has not yet been invoiced to the customer.In the case of the second contract CCC received a $3,000 deposit at the beginning of the contract.With respect to these two contracts what amount would be recorded as accounts receivable for Cosmos at year-end?

• A)$12,000
• B)$18,000
• C)$27,000
• D)$30,000

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Definitions:

Income Distribution

Refers to the way in which total income is shared among the population or different groups within a society.

Income Mobility

The ability of individuals or households to move up or down the income distribution over a period of time.

Lorenz Curve

A graphical representation showing the distribution of income or wealth within a society, indicating inequality.