question archive In 2020, Flounder Corp

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

   
(b)  

Total Operating Expenses

   

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  • Phanindra's AvatarPhanindra answered this

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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

    Happy reading

    Thank you!

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