Sheridan Industries collected $105,000 from customers in 2020. Of the amount collected, $24,700 was for services performed in 2019. In addition, Sheridan performed services worth $39,400 in 2020, which will not be collected until 2021. Sheridan Industries also paid $71,200 for expenses in 2020. Of the amount paid, $29,600 was for expenses incurred on account in 2019. In addition, Sheridan incurred $41,400 of expenses in 2020, which will not be paid until 2021.