Newhart Corp. performed services for clients for $350,000 this year. $300,000 of this amount was collected in cash this year. Which of
the following statements is true?
Select one:
a. The amount reported as revenue on the income statement this year should be $300,000.
b. The amount reported as revenue on the income statement this year should be $350,000.
c. The amount reported as collections from clients on the statement of cash flows this year should be $50,000.
d. The amount reported as collections from clients on the statement of cash flows this year should be $350,000.