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July 24, 2014

Homework Help: accounting

Posted by jimmy HElp urgent on Tuesday, October 2, 2007 at 10:32pm.

In its first year of operations, Bere Company earned $27,046 in service revenue, $6,667 of which was on account and still outstanding at year-end. The remaining $20,379 was received in cash from customers.

The company incurred operating expenses of $14,655. Of these expenses $12,264 were paid in cash; $2,391 was still owed on account at year-end. In addition, Bere prepaid $3,645 for insurance coverage that would not be used until the second year of operations.

Calculate the first year's net earnings under the cash basis of accounting

I got $8115 plz check if i got it right.

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