Kelly Company had cash receipts from customers in 2014 of $142,000 Cash payments for operating expenses were $97,000 Kelly has determined that at January 1, accounts receivable was $13,000, and prepaid expenses were $17,500 At December 31, accounts receivable was $18,600, and prepaid expenses were ...

a Cash receipts 142000 Increase in accounts rece ...

Kelly Company had cash receipts from customers in 2014 of $142,000. Cash payments for operating expenses were

Question:

Kelly Company had cash receipts from customers in 2014 of $142,000. Cash payments for operating expenses were $97,000. Kelly has determined that at January 1, was $13,000, and prepaid expenses were $17,500. At December 31, was $18,600, and prepaid expenses were $23,200. Compute
(a) Service revenue and
(b) Operating expenses.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...