In its first year of operations, wildhorse co. recognized $33,700 in service revenue, $7,800 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 $19,400. of these expenses, $13,600 were paid in cash; $5,800 was still owed on account at year-end. in addition, wildhorse prepaid $2,680 for insurance coverage that would not be used until the second year of operations. (a) calculate the first year’s net earnings under the cash basis of accounting, and calculate the first year’s net earnings under the accrual basis of accounting.

Which of the following businesses is most likely to disrupt an existing industry? a. closer connex developed an earphone that receives emails and text messages and converts them to voice messages. the first models had poor reception, but they rapidly improved over time. b. mega technologies reconfigured the components used in its touchscreen tablets to create a new type of wearable device for use in restaurants and other service industries. c. particle inc. developed a teleportation technology that can transport physical materials instantaneously across great distances. d. altrea added advanced camera technology to its premium line of smartphones so that they would take the highest-quality photos of all phones on the market.