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20X8 20X7
Receivables............................................................................ 370 290
Prepaid insurance.................................................................. 160. 190
Accrued liabilities payable (for other operating expenses) ..... 710. 630
Following transactions were completed during march year end
Collections from customers......................................... 20,400
Payment of prepaid insurance ..................................... 450
Cash payments for other operating expenses...............4,100
Question 1: Compute the amount of sales revenue, insurance expense, and other operating expenses to report on the Income Statement
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