Camp Consulting Services Started Business on January 1,2017 $\begin{array}{l}\text { Income Statement }&\text { Statement of Cash Flows }\end{array}$

question 179

Short Answer

Camp Consulting Services started business on January 1,2017.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 2017?
$\begin{array}{l}\text { Income Statement }&\text { Statement of Cash Flows }\end{array}$
a.
$\begin{array}{cc}&&&\$100,000&&&&&&\$60,000\end{array}$

b.
$\begin{array}{cc}&&&\$100,000&&&&&&\$100,000\end{array}$

c.
$\begin{array}{cc}&&&\$60,000&&&&&&&\$60,000\end{array}$

d.
$\begin{array}{cc}&&&\$60,000&&&&&&&\$100,000\end{array}$

---

Definitions:

Farmland

Land used for farming and agricultural production.

Economic Rent

Extra income earned by a factor of production due to its scarcity or unique qualities, above what is necessary to bring it into use.

Upward Sloping

A graphical depiction indicating that as one variable increases, another variable also increases, commonly used in supply curves.

Equilibrium Price

The price at which the quantity demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.