Pro Accountants Inc. (PAI) had the following transactions in 2021: A total of $1,450,000 was billed...

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Pro Accountants Inc. (PAI) had the following transactions in 2021: A total of $1,450,000 was billed to clients for accounting services completed. During 2021, a total of $1,250,000 was collected from clients. This included $80,000 in respect of work that was carried out in 2020. In addition, at the end of December 2021, PAI was working on the accounting files of five new clients, none of which had been billed. Two contracts, valued at $50,000 each when complete, were only at the early preparation stage. However, the other three, valued at $70,000 each, were completed. Required: What was Pro Accountants' accounting services revenue for 2021? Pro Accountants Inc. (PAI) had the following transactions in 2021: A total of $1,450,000 was billed to clients for accounting services completed. During 2021, a total of $1,250,000 was collected from clients. This included $80,000 in respect of work that was carried out in 2020. In addition, at the end of December 2021, PAI was working on the accounting files of five new clients, none of which had been billed. Two contracts, valued at $50,000 each when complete, were only at the early preparation stage. However, the other three, valued at $70,000 each, were completed. Required: What was Pro Accountants' accounting services revenue for 2021?

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Description Amount in tollection fam clients 12500... View the full answer