Reference no: EM133141538
Question - During 2021, Ocean Consulting had the following transactions with its clients (customers):
On February 1, 2021, the company received cash of $5,700 from clients in payment of their account balances as of December 31, 2020.
On November 1, 2021, the company received $2,700 cash as payments in advance for services to be performed in 2022.
The company received a total of $16,500 in cash for services that were performed during 2021.
The company sent bills totaling $4,700 to clients for services performed during 2021; this amount was unpaid as December 31, 2021.
Required - What is the amount of Service Revenue that will be reported on the income statement for the year 2021?
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