Final answer:
The cash collections from services provided by Pave Construction on account of $160,000 by the end of its first year of operations, 2024, cannot be determined from the given information. Additional details are needed to calculate the actual cash collected.
Step-by-step explanation:
The question relates to the recognition of cash collections from services provided on account. In the first year of operations, Pave Construction has provided services totaling $160,000. However, the actual amount of cash collected by the end of the year is not provided in the question. Without additional information on the rate of collection or any potential uncollected accounts, we cannot determine the exact cash collections. It is possible that Pave Construction collected all, some, or none of the $160,000 in the form of cash by the end of 2024.In a typical business context, companies that provide services on account often have a portion that is paid within the year and some that may be paid in following years or potentially written off as bad debt if it becomes uncollectible. Therefore, the main answer requires either more specific information on the cash collection pattern or an assumption of this pattern.To conclude, without further details on Pave Construction's collection history or payment terms agreed upon with clients, we cannot accurately state cash collections.