(Solution) - Smith Company had cash receipts from customers in 2005 of -(2025 Original AI-Free Solution)

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Smith Company had cash receipts from customers in 2005 of $152,000. Cash payments for operating
expenses were $97,000. Smith has determined that at January 1, accounts receivable was $13,000,
and prepaid expenses were $17,500. At December 31, accounts receivable was $18,600, and prepaid expenses were $23,200. Compute (a) service revenue and (b) operating expenses.