During 2018, Boyd Network, Inc., which designs network servers, earned revenues of $740 million. Expenses totaled $600 million. Boyd collected all but $26 million of the revenues and paid $620 million on its expenses. Read the requirements. Requirement a. Under accrual accounting, what amount of revenue should Boyd report for 2018? How does the revenue principle help to answer this question? The amount of revenue that should be reported for the year is $ million. How does the revenue principle help to answer this question? The revenue principle says to record revenue when it has been regardless of when Therefore, the amount of revenue reported is what Boyd Requirement b. Under accrual accounting, what amount of total expense should Boyd report for 2018? Which accounting principle helps to answer this question? The amount of total expense that should be reported for the year is $ million. Which accounting principle helps to answer this question? The V recognizes expenses in the same period in which any related revenues are earned. Requirement c. Redo parts a and b using the cash basis. Explain how the accrual basis differs from the cash basis. Revenue: $ million Total expense: $ million Explain how the accrual basis differs from the cash basis The accrual basis measures revenues Vand expenses V while the cash basis measures revenues and expenses Requirement d. Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments? The reports revenues and expenses. The V reports cash receipts and cash payments