Question: During 2 0 2 2 , Guide Pro Corporation collected cash in advance of providing guide services totaling $ 5 , 0 0 0 .

During 2022, Guide Pro Corporation collected cash in advance of providing guide services totaling $5,000. During the year, the company earned service revenue amounting to $350,000, of which $315,000 was collected in cash; the balance will be collected in January 2023. What amount should the 2022 income statement report for service revenue?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

During 2 0 2 2 , Guide Pro Corporation collected cash in advance of providing guide services totaling $ 6 , 8 0 0 . During the year, the company earned total service revenue amounting to $ 3 6 8 , 0...

Q:

During 2 0 2 2 , Guide Pro Corporation collected cash in advance of providing guide services totaling $ 6 , 3 0 0 . During the year, the company earned service revenue amounting to $ 3 6 3 , 0 0 0 ,...

Q:

During 2022, Guide Pro Corporation collected cash in advance of providing guide services totaling $6,900. During the year, the company earned service revenue amounting to $369,000, of which $334,000...

Q:

Mountain Adventures provides guide services for customers interested in hiking the Appalachian Trail. They have been in business for five years and the business has grown quickly during that time....

Q:

1) On September 30, the Cash account of Value Company had a normal balance of $6,700. During September, the account was debited for a total of $13,900 and credited for a total of $13,200. What was...

Q:

= GLO201 - (No Analysis Tab) - Based on the FastForward Company LO A1, C3, C4, P1, P2, P3 1 This problem is based on the transactions for the FastForward Company In your text. Prepare Journal entries...

Q:

ch2-4 I am not understanding how to complete this. please make sure your answers arent cut off and please explain where I went astray, if possible. thank you for your help in advance. GLO201 (Algo) -...

Q:

This problem is based on the transactions for the Kitchen Solutions Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The...

Q:

Solve the following accounting problems: (66) to build a home | x | N Work-Study | Norther x | ) Applications | Rapidlc X | N Ch 02 Homework X M Question 1 - Ch 02 H X Launch Meeting - Zo( x | - X C...

Q:

This problem is based on the transactions for the Star Consulting Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The...

Q:

In l820, a William Record of London deposited $0.50 (or its equivalent in English pounds) for his granddaughter in the Bank of London. Unfortunately, he died before he could tell his granddaughter...

Q:

Current thought is that all matter is composed of six quarks and four leptons six quarks four quarks and four leptons four leptons six quarks and six leptons

Q:

Q 6 . Best Buy has the following summary statement: \ table [ [ Item Name, 2 0 2 0 , 2 0 2 1 ] , [ Sales , $ 4 2 7 , 4 0 0 , $ 5 1 1 , 5 0 0 ] , [ Interest paid, 1 9 , 8 0 0 , 2 1 , 6 0 0 ] , [ Long...

Q:

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...