11. During 2016, a company provided services for cash of $21,000 and services on credit of $15,000. The company collected accounts receivable of $8,000 and incurred operating expenses of $22,700, $14,000 of which were paid during the year. The amount of net income (loss) for the year is: A) $13,300 B) ($1,700) C) $22,700 D) $6,300 12. Revenues are recognized when even when cash is collected in a different accounting period than the revenue is earned. A) cash is collected B) bills are paid C) services are performed D) customers prepay for goods/services 13. The expense recognition principle (matching) dictates: A) where on the income statement expenses should be presented. B) when revenues are recognized on the income statement. C) the ordering of current assets and current liabilities on the balance sheet. D) when costs are recognized as expenses on the income statement