Create an accrual based income statement.

3. Using the information below, BALANCE SHEET Beginning Ending CASH FLOW Cash 215000 350000 Cash Operating Income 1545000 190000 370000 Borrow on Oper. Loan 210000 Accounts Receivable Inventories 250000 780000 Supplies 280000 150000 Total Cash Receipts 1755000 Total Current Assets 935000 1650000 Cash Operating Expenses 1376120 Machinery 890000 1020000 Interest Payments 48880 Less: Acc. Depr. - 175000 -300000 Family Living Withdrawals 65000 Real Estate 950000 950000 Payments on Oper. Loan Total Assets 2600000 3320000 Capital Purchases 130000 Accounts Payable 250000 400000 Total Cash Expenditures 1620000 270000 480000 80000 Operating Loan Accrued Expenses Accrued Interest Payable 50000 196000 260000 Net Cash Flow 135000 Current Portion Term Debts 100000 150000 Total Current Liabilities 896000 1340000 Long Term Liabilities 860000 830000 Total Liabilities 1756000 2170000 Net Worth 844000 1150000