Conversion from Cash to Accrual Tucker Corporation had the following cash receipts and payments in the month of November:

In reviewing its accounting records for November, the chief accountant found the following:
1. Cash received from customers during November included collections of $26,000 from sales in October. Sales totaling $47,000 made on account during November will be collected in December.
2. Cash payments to suppliers in November included $21,000 for merchandise purchased in November but unsold at the end of the month. Payments to suppliers in October included $17,000 for merchandise sold in November.
3. Wage and salary payments made in November included payment of $9,000 for wages earned by employees in October. Unpaid wages earned by employees at the end of November were $13,000.
4, Vehicles sold in November had a carrying value of $16,500 on Tucker’s books at the time of sale.
5. A 12-month liability insurance policy was paid in advance on November 1. Tucker had no insurance coverage prior to November 1.
Prepare an accrual-basis income statement for November for Tucker Corporation.

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Cash received from customers Cash paid to suppliers $364,000 185,000 Wages and salaries paid 90,000 Cash received from sale of vehicles 28,500 Payment of liability insurance policy 30,000 Payment of estimated income taxes 37,000