Assume that MSQM Blockchain Incorporated provided services to customers during 2021 at a total value of $900,000, of which $130,000 was collected in cash during 2021; the balance of 770,000 will be collected in January 2022. Also in 2021, there were collections of cash prior to the delivery of goods/services totaling $100,000 for services will be provided in 2022. 

What amount should the 2022 income statement report for service revenues (pay attention to the year, this is asking for 2022 revenue)?

Answer rating: 100% (QA)

To determine the amount that should be reported as service revenue on the 2022 income statement we n... View the full answer