Which of the following statements is not true? Multiple Choice An income statement reports revenues earned less expenses incurred. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments. Interim financial reports can be based on one-month or three-month accounting periods. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period. Property, plant, and equipment are referred to as plant assets.

Al is a medical doctor who conducts his practice as a sole proprietor. during 2018, he received cash of $280,000 for medical services. of the amount collected, $40,000 was for services provided in 2017. at the end of 2018, al had accounts receivable of $60,000, all for services rendered in 2018. in addition, at the end of the year, al received $12,000 as an advance payment from a health maintenance organization (hmo) for services to be rendered in 2019. compute al's gross income for 2018: