In 2017, Renato Corp. had cash receipts from customers of $152,000 and cash payments for operating expenses

Question:

In 2017, Renato Corp. had cash receipts from customers of $152,000 and cash payments for operating expenses of $97,000. At January 1, 2017, accounts receivable were $13,000 and total prepaid expenses were $17,500. At December 31, 2017, accounts receivable were $18,600 and total prepaid expenses were $23,200. Calculate

(a) Total service revenue and

(b) Total operating expenses.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...