Total Paint Services earned $110,000 of service revenue during 2014. Of the $110,000 earned, the business received $84,000 in cash. The remaining amount, $26,000, was still owed by customers as of December 31. In addition, Total Paint Services incurred $82,000 of expenses during the year. As of December 31, $6,000 of the expenses still needed to be paid. In additional, Total Paint Services prepaid $2,000 cash in December 2014 for expenses incurred during the next year.

1. Determine the amount of service revenue and expenses for 2014 using a cash basis accounting system.