Cash to Accrual Basis

Frazer & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis in an income statement format. The cash basis income statement, along with additional information, follows:

Frazer & Associates Income Statement (Cash Basis) For the Year Ended December 31, 2020
Cash receipts from customers			$520,000
Cash payments:
	Salaries and wages	$178,000
	Income taxes	67,000
	Insurance	35,000
	Interest	25,000	305,000
Net income			$215,000

Additional information:

		Balances at 12/31
		2020		2019
	Accounts receivable	$55,000	$30,000
	Salaries and wages payable	12,000	20,000
	Income taxes payable	24,000	20,000
	Prepaid insurance	8,000	5,000
	Accumulated depreciation	95,000	80,000
	Interest payable	3,000	8,000

No plant assets were sold during 2020. In an excel spreadsheet, show your calculations for conversion of the Revenue and Expenses, and also prepare a simple accrual basis income statement