During 2015, Maverick Law Firm had the following transactions with it clients On

Question

During 2015, Maverick Law Firm had the following transactions with it clients

On February 1, 2015, the company received cash of $5,800 from clients in payment of their account balances as of December 31, 2014.

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On November 1, 2015, the company received $2,800 cash as payments in advance for law services to be performed in 2016.

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The company received a total of $17,000 in cash for law services that were performed during 2015.

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The company sent bills totaling $4,800 to clients for services performed during 2015; this amount was unpaid as December 31, 2015.

What is the amount of Law Services Revenue that will be reported on the income statement for the year 2015?

Explanation / Answer

Law Services Revenue for 2015 Cash received for services performed in 2015 17000 Bills raised for 2015 still unpaid 4800 Total Law service revenue for 2015 21800

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