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Business, 02.03.2020 20:29 zafarm2oxgpmx

Earned $ 115 comma 000 of service revenue during 2016. Of the $ 115 comma 000 earned, the business received $ 89 comma 000 in cash. The remaining amount, $ 26 comma 000, was still owed by customers as of December 31. In addition, Total Lawn Services incurred $ 68 comma 000 of expenses during the year. As of December 31, $ 7 comma 000 of the expenses still needed to be paid. In addition, Total Lawn Services prepaid $ 12 comma 000 cash in December 2016 for expenses incurred during the next year. 1. Determine the amount of service revenue and expenses for 2016 using a cash basis accounting system.

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Earned $ 115 comma 000 of service revenue during 2016. Of the $ 115 comma 000 earned, the business r...
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