Question: In 2014 Renato Corp had cash receipts from customers of
In 2014, Renato Corp. had cash receipts from customers of $ 152,000 and cash payments for operating expenses of $97,000. At January I, 2014, accounts receivable was $ 13,000 and total prepaid expenses was $17,500. At December 31, 2014, accounts receivable was $18,600 and total prepaid expenses was $23,200. Calculate (a) total service revenue and (b) total operating expenses.
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