Homework Answers
The correct Answer is : Option B) Accounts Receivables - $75,000 ; Retained Earnings - $75,000 ; Revnue - $75,000 ; Net Income - $75,000.
Reason: As the product are sold on credit on B to B basis, Accounts receivables amounting $75,000 are to be shown in the Balance sheet. As the product is shipped , Sales is recognized though payment would be received in future years therefore, Revenue - $75,000 is recognized in Income statement.
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