Given Below Are the Activities of the Phoenix Company Using the Accrual Basis of Accounting,the Total Revenues for Phoenix

question 63

Multiple Choice

Given below are the activities of the Phoenix Company:
$\begin{array} { l } \text {Owners invested cash in business }&\$20,000 \\ \text {Credit sales }&\$ 80,000\\ \text {Cash sales }&\$20,000\\ \text { Cash collections from credit customers}&\$56,000 \\ \text {Purchased inventory on account }&\$ 37,000\\\end{array}$

Using the accrual basis of accounting,the total revenues for Phoenix Company are ________.

• A) $46,000
• B) $90,000
• C) $100,000
• D) $173,000

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Definitions:

Holder

A party in possession of a negotiable instrument.

Fraud In The Factum

A type of fraud where a person is deceived into signing a document without understanding its true nature or consequences, resulting in an invalid agreement.

Negligent

Failing to exercise the care that a reasonably prudent person would exercise in similar circumstances.

Optometrist

An optometrist is a healthcare professional who specializes in examining the eyes for vision and health problems, prescribing corrective lenses, and providing certain types of eye care.