Complete a income statement using both the cash method and the accrual method of accounting for YRS Inc as of December 31, 2016.

The information is as follows:

YRS had three clients during the year and had the following sales:

Feb 28, 2016 had Sales to Happy Company on Account for $ 10,000 which was collected 90 days later.

March 15, 2016 YRS purchased new computers on account for $ 5000 and the terms were 60 days.

May 30, 2016 YRS accrued commissions for its consultants of $ 3000 which was paid in June.

September 30, YRS had Sales to Lucky Company for a long term project of $ 100,000. YRS collected 30% up front and expects to receive the remaining amount upon completion of the project which is expected to take a total of 10 months.

September 30 YRS accrues commissions for its consultants for the Lucky Company Project equal to 40% of the total sales. 10% of that amount is paid during October and the remaining amount is expected to be paid once the project is completed.