CPA · Question 09 · Area I: Financial Reporting
A company maintains its books on a cash basis. During Year 1, the company collected $400,000 from customers. The following balances were reported:<br/><br/>- Accounts Receivable, Jan 1: $40,000<br/>- Accounts Receivable, Dec 31: $55,000<br/>- Unearned Revenue, Jan 1: $10,000<br/>- Unearned Revenue, Dec 31: $6,000<br/><br/>What is the accrual basis revenue for Year 1?
Answer options:
$400,000
$411,000
$419,000
$381,000
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