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In its first year of operations, Pharoah Company recognized $ 34,000 in service revenue, $ 8,100 of which was on account and still outstanding at year-end. The remaining $ 25,900 was received in cash from customers.
The company incurred operating expenses of $ 17,100. Of these expenses, $ 12,940 were paid in cash; $ 4,160 was still owed on account at year-end. In addition, Pharoah prepaid $ 2,780 for insurance coverage that would not be used until the second year of operations.
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