Current Attempt in Progress

In its first year of operations, Amy Corp. earned $$59,600$ in service revenue. Of that amount, $$9,900$ was on account and the remainder, $$49,700,$ was collected in cash from customers.

The company incurred various expenses totalling $$34,800,$ of which $$29,400$ was paid in cash. At year end, $$5,400$ was still owing o account. In addition, Amy prepaid $$3,900$ for insurance coverage for the last half of the first year and the first half of the second yea Amy expects to owe $$4,900$ of income tax when it files its corporate income tax return after year end.i