Question: Please answer the original question and walk me through ALL of the work involved as well as the logic behind it. How does this affect

Please answer the original question and walk me through ALL of the work involved as well as the logic behind it.

How does this affect the income statement and the balance sheet?

8. These account balances appeared on the comparative balance sheets and income statements in the annual report of MLO Company: Fees Revenue Accounts Receivable 12/31/X0 $180,000 S 30,000 12/31/X1 $200,000 $ 70,000 Assuming MLO's customers always pay fees for services on account, how much did MLO receive from its customers during the year 20X1? a. $160,000 b. $200,000 c. $240,000 d. $270,000

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