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Revenue and Expense Recognition Omega Transportation Inc., headquartered in Atlanta, Georgia, uses accrual-basis accounting and engaged in the following transactions: - billed customers $2,430,530 for
Revenue and Expense Recognition Omega Transportation Inc., headquartered in Atlanta, Georgia, uses accrual-basis accounting and engaged in the following transactions: - billed customers $2,430,530 for transportation services - collected cash from customers in the amount of $1,381,975 - purchased fuel supplies for $1,333,800 cash - used fuel supplies that cost $1,303,590 - employees earned salaries of $285,500 - paid employees $280,300 cash for salaries Required: Determine the amount of sales revenue and total expenses for Omega's income statement. Sales Revenue Total Expenses
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