question archive In 2020, Flounder Corp
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In 2020, Flounder Corp. had cash receipts from customers of $158,000 and cash payments for operating expenses of $98,000. At January 1, 2020, accounts receivable were $11,000 and total prepaid expenses were $15,200. At December 31, 2020, accounts receivable were $19,500 and total prepaid expenses were $20,400.
Calculate the following:
(a) |
Total Service Revenue |
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(b) |
Total Operating Expenses |
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Here we go !
(a)Total service revenue
Cash Receipts During Year $158,000
Less: Accounts Receivable on 01/01 $11,000
Plus: Accounts Receivable on 12/31 $19,500
Equals : Service Revenue for year $166500
(b)Total operating expenses
Cash Payments During Year $98,000
Less: Prepaid Expenses on 12/31 $20,400
Plus: Prepaid Expenses on 01/01 $15,200
Equals Operating Expenses for Year $92,800
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