Question $2$

During $2009,$ Sigma Company earned service revenues amounting to $$700,000,$ of which

$$630,000$ was collected in cash; the balance will be collected in January $2010.$ The $2009$

income statement of the company should report the following amount for service revenues

$ $630,000.$

$ $700,000.$

$ $70,000.$

$$1,330,000.$

None of the above is correct.