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.

Prepare a partner's capital statement and journalize partnership transactions.

Compute division of net income among partners according to various agreements.

Journalize the formation of a partnership including the valuation of contributed assets and liabilities.

Understand the basic principles and theories of economics related to markets, competition, and government intervention.

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Definitions:

Hypertonic

Describes a solution with a higher solute concentration compared to another solution, causing cells to lose water by osmosis.

Methane Combustion

The chemical reaction in which methane gas reacts with oxygen to produce carbon dioxide, water, and energy.

Carbon Dioxide

A colorless, odorless gas produced by burning carbon and organic compounds and by respiration. It is naturally present in air and is absorbed by plants in photosynthesis.

Passive Transport

Membrane-crossing mechanism that requires no energy input.