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Consider the following financial statements about SYRIA Co. for the current year 2019 I/ for the vear ended ner 312019 Additionalinformation: Operating expenses include $225
Consider the following financial statements about SYRIA Co. for the current year 2019 I/ for the vear ended ner 312019 Additionalinformation: Operating expenses include $225 of depreciation expense and a $300 impairment loss on equipment. A/R increased by $570. Inventory decreased by $150. Prepaid expenses related to operating expenses increased by $120. A/P decreased by $540. Accrued liabilities related to operating expenses decreased by $270. Interest payable decreased by $30. Unearned revenue received from customers decreased by $51. Income tax payable increased by $60. Required: a. Prepare the cash-basis income statement. (10 marks) b. Reconcile the accrual-basis NI to the cash-basis NI (5 marks). Question \#4. (20 marks) C2-69 From the above information, prepare the following financial statements for Wildlife Picture Gallery: a. Income statement for the month of March 2021. (10 marks) b. Balance sheet as of March 31,2021 . (10 marks)
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