Given this: The firm performed $600,000 of consulting services for clients in Year 1, collecting $380,000 from clients. Included in the $380,000 is $30,000 paid by one client for services that would not be performed until Year 2.

_380,000_Total Assets _380,000_Revenues

_30,000_Total Liabilities __Gains

__Owners Equity __Expenses

__Losses

__Income

find this: In Year 2, the firm collected $650,000 from clients while performing $400,000 of services for them. The $30,000 that had been paid in advance during Year 1 [Item #1] is included in the $400,000. Assume Accounts Receivable balance does not change in Year 2.

__________Total Assets __________Revenues

__________Total Liabilities __________Gains

__________Owners Equity __________Expenses

__________Losses

__________Income