Question: In 2 0 2 4 , Sheffield Company performs work for a customer and bills the customer $ 1 4 2 0 0 ; it

In 2024, Sheffield Company performs work for a customer and bills the customer
$14200; it also pays expenses of $5600. The customer pays Sheffield in 2025. If Sheffield
uses the accrual-basis of accounting, then Sheffield will report
revenue of $14200 in 2024.
net income of $8609 in 2025.
revenue of $14200 in 2025.
expenses of $5600 in 2025.
In 2024, Sheffield Company performs work for a customer and bills

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