Reference no: EM131789853
The following account balances are taken from the December 31, 2015, financial statements of ABZ Advertising Company. The company uses accrual basis accounting.
| Advertising revenue |
$ 58,322 |
| Cash |
51,907 |
| Accounts receivable |
8,426 |
| Interest expense |
2,530 |
| Accounts payable |
5,500 |
| Operating expenses |
47,241 |
| Unearned revenue |
1,476 |
| Equipment |
22,746 |
| Income tax expense |
2,916 |
The following activities occurred in 2016:
1. Performed advertising services on account, $69,000.
2. Received cash payments on account, $13,400.
3. Received deposits from customers for advertising services to be performed in 2017, $4,500.
4. Made payments to suppliers on account, $5,500.
5. Incurred $56,450 of operating expenses; $48,950 was paid in cash and $7,500 was on account and unpaid as of the end of the year.
3. value:
What is the balance in the Cash account at December 31, 2016?
4. value:
What is the amount of revenue that will be reported on the income statement for the year ended December 31, 2016?
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