Camp Consulting Services Started Business on January 1, 2016 ​

question 24

Short Answer

Camp Consulting Services started business on January 1, 2016.Camp performed services for customers totaling $100,000 of which 40% remain uncollected at the end of December.Under the accrual basis, what amounts would appear on Camp Consulting's financial statements for 2016? $$\begin{array}{l}&\text {Income Statement }&\text { Statement of Cash Flows}\\\hline a.&(\$100,000)&(\$60,000)\\b.&(\$100,000)&(\$100,000)\\c.&(\$60,000)&(\$60,000)\\d.&(\$60,000)&(\$100,000)\\\end{array}$$
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Definitions:

Syndicated Data Services

Companies that collect and sell data, often gathered from multiple sources, to clients for market research and analysis.

Quality-oriented Process

An approach focusing on maintaining high standards in production or service delivery to satisfy customer needs.

Perishable Services

Services that cannot be stored for future use and must be consumed at the time of production, like live entertainment or airline flights.

Empowerment

The process of increasing the degree of autonomy and self-determination in people or communities to enable them to represent their interests in a responsible and self-determined way.