(Solved by Humans)-Your Turn 2-7 1. On the income statement, the revenues earned are shown. (That is called...
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Your Turn 2-7 1. On the income statement, the revenues earned are shown. (That is called recognizing the revenue.) On the statement of cash flows, only the amount of cash collected from customers is included. 2. If a company earns $50,000 worth of revenue, then all of that will be recognized included on the income statement. The amount of cash collected is given as 80%, so $40,000 would be shown on the statement of cash flows as cash collected from cus tomers. The entire amount, $50,000, will be in the retained earnings balance because the retained earnings increase is the amount that is on the income statement.
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This question was answered on: 10 May, 2025
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