On January 1, Year 1, Mayer Corporation signed a contract to perform $25,000 worth of services for Phips Company over the next three years. Which of the following indicates the effects of this event on the Year 1 income statement and statement of cash flows of Mayer Corporation? Cash FlowsNet IncomeOperatingInvestingFinancing
A.
| NA | NA | NA | 25,000 |
B.
| 25,000 | 25,000 | NA | NA |
C.
| 25,000 | NA | 25,000 | NA |
D.
| NA | NA | NA | NA |
Answer: D
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