Conan Industries collected $107,530 from customers in 2008. Of the amount collected, $25,580 was from revenue earned on account in 2007. In addition, Conan earned $38,230 of revenue in 2008, which will not be collected until 2009.
Conan Industries also paid $74,980 for expenses in 2008. Of the amount paid, $31,380 was for expenses incurred on account in 2007. In addition, Conan incurred $42,630 of expenses in 2008, which will not be paid until 2009.