In Its Accrual Basis Income Statement for the Year Ended

question 61

Multiple Choice

In its accrual basis income statement for the year ended December 31,2014,Braxton Company reported revenue of $3,500,000.Additional information is as follows:

Nelson should report cash collected from customers in its 2014 statement of cash flows (direct method) in the amount of

• A)$3,760,000.
• B)$3,380,000.
• C)$3,100,000.
• D)$3,140,000.

---

Definitions:

Provincial Budget

A financial plan specific to a province, outlining its revenues and expenditures over a fiscal period.

Forecast Expenditure

An estimate of future costs or expenses over a specified period, often used for budgeting purposes.

Minister of Education

A government official responsible for guiding and implementing national policy and programs related to education.

Saddledome

A distinctive and iconic arena located in Calgary, Alberta, Canada, known for its saddle-shaped roof and as a venue for major events, including sports and concerts.