Question

The WeBuild Construction Company sold $13 million of buildings in its first year of operations. The company received payments of $8.50 million for these buildings. The company's income statement would report Multiple Choice Accounts Receivable of $8.50 million Sales Revenue of $13 million Expenses of $4.50 million Sales Revenue of $8.50 million

Answer 1

The company's income statement would report Sales Revenue of $13 million

Step-by-step explanation:

The journal entry for the transaction will be

==================================================================

Particulars Debit Credit

==================================================================

Cash $8.50 million

Accounts receivable $4.50 million

( 13.5 million - 8.50 million)

Sales revenue $13 million

==================================================================

hence,

The company's income statement would report Sales Revenue of $13 million