Calculation of Revenue
the Records for Oriole Corp Instructions
Show the Calculation of the Amount of Revenue That

question 67

Essay

Calculation of revenue
The records for Oriole Corp. showed the following for 2020:
$\begin{array}{cccc}&\underline{\text {Jan 1 }} &\underline{ \text {Dec 31} } \\ \text { Unearned revenue............................... } &\$3,000&\$3,400\\ \text {Accrued revenue................................... } &1,400&1,100\\ \text {Cash collected during the year from revenue....... } &\$85,000&\\\end{array}$
Instructions
Show the calculation of the amount of revenue that should be reported on the 2020 statement of comprehensive income.

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Definitions:

Fiduciary Duty

A legal obligation of one party to act in the best interest of another when entrusted with a particular responsibility, such as in a trustee-beneficiary or agent-principal relationship.

Personal Interests

Individual preferences, hobbies, or activities that a person finds enjoyable or important.

Apparent Authority

A situation in which a person appears to have the authorization to act on behalf of another entity, leading third parties to reasonably believe such authority exists.

Knowingly

Acting with awareness or deliberate intention, often referenced in legal contexts to imply a person had knowledge or should have had knowledge of the implications of their actions.