In its first year of operations, Oriole Company recognized $$30,000$ in service revenue, $$8,000$ of which was on account and still.

outstanding at year$-$end. The remaining $$22,000$ was received in cash from customers.

The company incurred operating expenses of $$20,400.$ Of these expenses, $$13,990$ were paid in cash; $$6,410$ was still owed on

account at year$-$end. In addition, Oriole prepaid $$2,710$ for insurance coverage that would not be used until the second year of

operation's.