What amount of accrual-basis revenue was recognized for the year ended December 31, 2002? 1 answer below »

 
   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadlines.  

On September 15, 2002, a consulting firm signed a contract to provide $360,000 of services to a client over the period September 15, 2002 to March 15, 2003. One-third of the work was completed by December 31, 2002. Payment terms for the services were 25% down on October 15, 2002, 25% on November 15, 25% on December 15, and 25% on January 15, 2003. What amount of accrual-basis revenue was recognized for the year ended December 31, 2002?

a. $180,000

b. $270,000

c. $120,000

d. $360,000

e. None of the above.