Determine the amount of service revenue

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Reference no: EM131811612

Total Tree Services earned a total of $160,000 of service revenue during 2016. Of the $160,000 ?earned, the business received $140,000 in cash. The remaining? amount, $20,000?, was still owed by customers as of December 31. In? addition, Total Tree Services Total Tree Services incurred $65,000 of expenses during the year. As of December 31?, $6,000 of the expenses still needed to be paid. In? addition, Total Tree Services prepaid $9,000 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.

2. Determine the amount of service revenue and expenses for 2016 using an accrual basis accounting system. Service Revenue=, Expenses=

Reference no: EM131811612

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