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Coronado Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Coronado Corp. requests
Coronado Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Coronado Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 $300,390 -0- $159,720 326,120 $27,340 89,170 414,150 Cash receipts from sales: On 2019 sales On 2020 sales On 2021 sales Cash payments for expenses: On 2019 expenses On 2020 expenses On 2021 expenses 201,480 40,060 a 61,650 152,770 42,770 27,000 52,630 211,420 b aPrepayments of 2020 expenses. bPrepayments of 2021 expenses. Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the cash basis. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CORONADO CORP. Income Statement (Cash Basis) 2019 2020 $ $
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