The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue$46,482Cash 41,516Accounts Receivable 7,296Interest Expense 2,299Accounts Payable 5,000Operating Expenses 37,460Deferred Revenue 1,178Equipment 18,048Income Tax Expense 2,326The following activities occurred in 2019:1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Received deposits from customers for advertising services to be performed in 2020, $2,500. 4. Made payments to suppliers on account, $5,000. 5. Incurred $45,000 of operating expenses; $39,000 was paid in cash and $6,000 was on account and unpaid as of the end of the
year. What is the amount of revenue that will be reported on the income statement for the year ended December 31, 2019?
A. $39,000.
B. $55,000.
C. $50,000.
D. $57,500.
Answer: B
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