Which of the following is the amount of revenue reported on the income statement of a retail company?

[answerhappygod]

A) The cash collected from customers during the current period.
B) Both cash and credit sales for the period.
C) Cash sales for the period and collections from customers.
D) Cash sales and stockholders' investments.
Answer: B
Explanation: Revenue for a retail company includes all sales earned during the accounting
period, both cash and credit.
Difficulty: 2 Medium
Topic: Financial statements—Income statement
Learning Objective: 01-01 Recognize the information conveyed in each of the four basic
financial statements and the way that it is used by different decision makers (investors, creditors,
and managers).