Final answer:
The law firm should record $16,000 of accrued revenue at the end of the year for 200 hours of services provided at a rate of $80 per hour.
Step-by-step explanation:
The student's question relates to accrued revenue, which is a concept in accounting where revenue is recognized when earned, regardless of when the payment is actually received. To calculate the amount of accrued revenue that the law firm should record at the end of the year for the services provided since the last billing cycle, we must multiply the number of hours of service by the rate per hour. Here, the law firm provided 200 hours of services at $80 per hour. Accrued Revenue = Hours of Services × Rate per Hour Accrued Revenue = 200 hours × $80/hour Accrued Revenue = $16,000.
Therefore, the law firm should record $16,000 of accrued revenue at the end of the year for these services. The amount of accrued revenue that the law firm should record at the end of the year can be calculated by multiplying the number of hours of services provided with the rate per hour. In this case, the law firm provided 200 hours of services at $80 per hour, so the accrued revenue would be 200 x $80 = $16,000.